December is shaping up to be a pretty good month. The news this morning was Monarch Financial merging into Towne Bank. This is the second time I’ve owned both sides of the deal which is pretty cool. Terms of the merger:
- each share of Monarch gets .883 shares of Towne.
Based on yesterday’s close, the value is about 18.57 per Monarch share which is a 39% premium off of yesterday’s close.
I guess the only ‘complaint’ is that Monarch was one of those companies that paid an annual stock dividend and Towne doesn’t. At least they paid this years’ stock dividend earlier this month!