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Termination fee of Eaton FSB/SSBBank deal could reach up to $475,000

The termination fee of the pending deal between Charlotte, Mich.-based Eaton Federal Savings Bank and Stockbridge, Mich.-based SSBBank could reach as much as $475,000.

SSBBank may pay Eaton Federal as much as $150,000 for out-of-pocket expenses plus another $150,000 payable upon Eaton Federal's written demand, according to a filing recently obtained by S&P Global Market Intelligence. Under certain circumstances, SSBBank may pay $325,000 in addition to the payment for out-of-pocket expenses, but that could be reduced to $175,000 if the company had already paid the $150,000 additional payment.

Meanwhile, under certain circumstances, Eaton Federal may also pay SSBBank up to $150,000 for out-of-pocket expenses plus another $150,000, payable upon SSBBank's written demand.

In February, Eaton Federal and Stockbridge Bancorp. Inc. agreed to merge Stockbridge Bancorp unit SSBBank with and into Eaton Federal.