Larry Mulcahy disclosed that the total purchase price of hispending of all common shares is$1.4 million. He is seeking regulatory approval for the cash deal,as laid out in an interagency change-in-control filing recently obtained by S&PGlobal Market Intelligence.
As part of the deal, Mulcahy and a group of minority shareholderswill buy new common shares — 7,000 and 3,000, respectively — in the parent of Roxbury,Kan.-based Roxbury Bank($15.5 million). Mulcahy will be the majority owner after deal completion.
Roxbury Bancshares' existing common shares will be redeemed atclosing for cash. Mulcahy's group will use cash and the proceeds of a bank stockloan in the acquisition.
Following deal completion, Mulcahy will become chairman and CEOof Roxbury Bancshares, as well as CFO, COO and a director of Roxbury Bank. StanHenne will remain president.
Also, Mulcahy is set to assume the role of chairman at RoxburyBank, replacing Christopher Schroeder. Other current directors will remain at thebank.
The filing also disclosed that Janet Schroeder recently died.She was vice chairman of Roxbury Bancshares and Roxbury Bank, according to SNL records.