Morris State Bancshares Announces Shareholder Approval and Special Pre-Closing Dividend

Rhea-AI Summary

Morris State Bancshares (OTCQX: MBLU) announced shareholder approval and regulatory clearance for its merger with Vallant Financial, Inc., and declared a Special Pre-Closing Dividend of $0.54 per share to holders of record on March 24, 2026, payable March 30, 2026.

Completion of the merger is expected April 1, 2026, with conversion and brand launch targeted at the end of Q2 2026 as Vallant Bank integrates Morris and Pinnacle operations.

Positive

• Shareholders approved the merger with Vallant Financial
• All required regulatory approvals secured
• Special pre-closing dividend of $0.54 per share payable March 30, 2026
• Merger expected to complete on April 1, 2026

Negative

• None.

DUBLIN, Ga., March 18, 2026 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent company of Morris Bank, today announced that its shareholders have approved the proposed merger with Vallant Financial, Inc. The merger has also received all required regulatory approvals.

In connection with the merger, the Company’s board has approved a Special Pre-Closing Dividend of $0.54 per share to all MBLU shareholders of record as of the close of business on March 24, 2026. The dividend will be payable on March 30, 2026.

“We are extremely excited to continue building on the legacy that George Morris founded in downtown Dublin in 1954 with our merger to create Vallant,” said Spence Mullis, Chairman and CEO of Morris State Bancshares. “This milestone marks the beginning of Vallant Bank’s future—a continuation of the strength and stability that both Morris Bank and Pinnacle Bank have built over decades in Georgia. The approval of our shareholders and regulators validates our vision and underscores our commitment to safety, soundness, and long-term value for our customers, employees, and shareholders while staying true to our community banking roots.”

Completion of the merger is expected to occur on April 1, 2026, with a conversion and brand launch expected to follow at the end of the second quarter of 2026. Vallant Bank looks forward to building on the proven strength and stability of both institutions. Customers can continue to rely on the same exceptional service, trusted relationships, and community focus that have defined Morris and Pinnacle for decades.

Forward-Looking Statements

Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “plan,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the ability of the parties to complete the proposed transaction in the expected timeframe. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. 

For the latest updates and press releases related to the merger, please visit www.vallantfinancial.com.

CONTACT:
Morris State Bancshares
Chris Bond
Chief Financial Officer
478-272-5202 

FAQ

What dividend did Morris State Bancshares (MBLU) declare with the merger?

The company declared a $0.54 per-share Special Pre-Closing Dividend to shareholders of record on March 24, 2026. According to the company, the dividend will be payable on March 30, 2026 to MBLU shareholders on record.

When will the Morris State Bancshares (MBLU) merger with Vallant complete?

The merger is expected to complete on April 1, 2026. According to the company, regulatory approvals are in place and closing is anticipated to occur on that date, with subsequent conversion activities planned.

What is the timeline for the brand conversion after the MBLU-Vallant merger?

Brand conversion and launch are targeted for the end of Q2 2026. According to the company, conversion and brand rollout will follow the April 1, 2026 closing to integrate operations and customer systems.

Did Morris State Bancshares (MBLU) receive regulatory approval for the merger?

Yes, the company received all required regulatory approvals for the merger with Vallant Financial. According to the company, regulatory clearance has been obtained ahead of the scheduled April 1, 2026 closing.

Who is eligible for the MBLU special pre-closing dividend and when is the record date?

All MBLU shareholders of record as of the close of business on March 24, 2026 are eligible for the $0.54 dividend. According to the company, eligible shareholders will receive the payment on March 30, 2026.