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DOGWOOD STATE BK RLGH NC - $DSBX STOCK NEWS

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Rhea-AI Summary
Dogwood State Bank (DSBX) and Community First Bancorporation (CFOK) have announced a definitive merger agreement for Dogwood to acquire Community First Bancorporation and its subsidiary, Community First Bank, in an all-stock merger. The transaction is intended to be tax-free, with each Community First Bancorporation common shareholder receiving 0.5875 shares and each preferred shareholder receiving 64.7719 shares of Dogwood's voting common stock. The pro forma company will have total assets of $2.2 billion, total deposits of $1.8 billion, and net loans of $1.7 billion. The transaction is expected to be over 65% accretive to Dogwood's earnings on a per share basis in 2025. The boards of directors of both businesses have unanimously approved the merger agreement, and the transaction is anticipated to close in the second half of 2024.
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