Bank of Orrick Chairman William Scott Clark is retiring, and he and his family will sell their entire 63.8% stake to Justine Hurry.
Hurry is a passive investor, according to a notice of change in control recently acquired by S&P Global Market Intelligence. She has applied to buy the Clarks' 637.875 shares and further participate in a planned common equity raise. Hurry does not intend to sit on the board or actively manage the Orrick, Mo.-based bank, which had $32.7 million in assets as of Sept. 30.
All board members from the Clark family, including Cheri Clark and Christopher Clark, will step down. Max Mountford and Michael Laughlin, retired bank executives, have indicated that they are willing to take some of the resulting vacant seats.
SNL valuations for bank and thrift targets in the Midwest region between Dec. 6, 2016, and Dec. 6, 2017, averaged 159.78% of book and 165.45% of tangible book and had a median of 20.60x last-12-months earnings, on an aggregate basis.
SNL is an offering of S&P Global Market Intelligence.