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Drummond, Perkins banks to merge

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Drummond Banking Company, parent company of Drummond Community Bank, and Williston Holding Company, parent company of Perkins State Bank, will be merging, according to a joint press release from Luther Drummond, president of Drummond, and Frank Etheridge, president of Perkins.

The merger, expected to be completed during the first quarter of 2013, is subject to customary conditions, including the approval of the Williston shareholders and bank regulators.

Shareholders of Williston will elect to receive Drummond common stock or cash in exchange for their shares, subject to election and proration procedures. Under terms of the definitive agreement, the transaction is presently valued at $14.6 million, subject to adjustment. A portion of the purchase price may be payable after the transaction is completed based on the disposition of certain assets of Williston and Perkins State Bank.


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