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Riverview-CBT deal has $2.2M termination fee


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Riverview-CBT deal has $2.2M termination fee

Harrisburg, Pa.-based Riverview Financial Corp.'s pending merger of equals with Clearfield, Pa.-based CBT Financial Corp. has a termination fee of $2.2 million, according to a regulatory filing.

The fee is payable by CBT to Riverview if the former terminates the deal due to a superior proposal.

Conversely, Riverview will be liable to pay the fee if the deal termination was due to its shareholders failing to approve an increase in its authorized common shares to 20 million. On June 22, Riverview shareholders approved the company's share increase proposal.

Both parties may terminate the agreement if it has not been consummated by April 19, 2018.