Written by The Business Journal Staff
Fresno’s Security First Bank announced that is has once again extended a merger agreement with Southern California-based SunPac Financial.
As part of the merger agreement extension, SunPac will reimburse Security First Bank $150,000 in merger-related costs, in addition to $250,000 received from SunPac in February. That will cover all of Security First Bank’s merger costs through July 15, which is also the date of the latest extension.
Under the terms of the definitive agreement for the merger, Security First Bank shareholders have the right to receive $10.50 in cash for each share of stock. Security First Bank shareholders approved the merger agreement at the annual meeting held on May 5, 2015.