Quarry City Savings and Loan Association Announces Expected Removal of Its Common Stock from the OTC Pink Marketplace

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WARRENSBURG, Mo., April 25, 2022 -- Quarry City Savings and Loan Association ("Quarry City") (OTC Pink: "QRRY"), a Missouri savings association headquartered in Warrensburg, Missouri, today announced that on or about May 13, 2022, it is expected that the OTC Pink Market Group will remove Quarry City's common stock from the OTC Pink Marketplace and will place the Quarry City common stock on the OTC Expert Market. As a result of this, there will no longer be publicly available quotes for Quarry City's common stock. Transactions in Quarry City's common stock will be limited to the Expert Market, and persons who hold Quarry City common stock or wish to purchase Quarry City common stock will have to contact their brokers directly in order to buy or sell shares.

On March 22, 2022, Quarry City announced that it had entered into a definitive merger agreement with Community Bancorp, Inc. ("Community Bancorp"), the bank holding company of Community National Bank & Trust ("Community National" and collectively with Community Bancorp, "Community"), a national bank with its principal office in Chanute, Kansas.  The all-cash aggregate merger consideration for the transaction, after accounting for all of the estimated transaction costs on a tax-effected basis, is estimated to be $10.37 million, subject to further adjustment as provided in the definitive agreement. Quarry City currently estimates that, without any further adjustments, this will result in approximately $25.42 per share cash consideration to the holders of Quarry City common stock. However, the estimated per share consideration may be subject to significant adjustment based on a variety of factors, including, but not limited to, transaction costs. As a result, Quarry City shareholders should not assume they will receive $25.42 per share upon closing of the transaction.  

The transaction is subject to customary closing conditions, including the receipt of approvals from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the shareholders of Quarry City.  Quarry City currently anticipates that the transaction will close in the third quarter of 2022.

About Quarry City Savings and Loan Association

Quarry City is a Missouri-chartered savings association which offers financial services to individuals, families and businesses through its full-service office located in Warrensburg, Missouri, which is the County Seat of Johnson County, located in west central Missouri. Quarry City has operated continuously in Warrensburg, Missouri since its founding in 1890.

Important Cautionary Notes Regarding Forward-Looking Statements

This press release includes forward-looking statements that relate to the business and expected future events or future performance of Quarry City and Community and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include, but are not limited to: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the national or regional economy as well as adverse economic conditions in the local market areas, including as a result of the coronavirus pandemic, the ability to complete the transaction and recognize the expected benefits and synergies, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Although management believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, management of Quarry City or Community can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by Quarry City or Community or any person that the future events, plans or expectations contemplated will be achieved.  All subsequent written and oral forward-looking statements attributable to Quarry City or Community or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.  The forward-looking statements are made as of the date of this press release.  Neither Quarry City nor Community undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

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SOURCE Quarry City Savings & Loan