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Elkcorp discloses $5.3M deal value for Baileyville Bancshares merger

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Elkcorp discloses $5.3M deal value for Baileyville Bancshares merger

Clyde,Kan.-based ElkcorpInc., the parent of Elk State Bank, said that the amount to pay in total perapplication pro forma in connection with its proposed acquisition of Seneca, Kan.-based is about$5.3 million, or $25,538 per share for the 208 outstanding common shares.

Accordingto a regulatory filing recently obtained by S&P Global Market Intelligence,the source of funds per pro forma is $2.6 million in raised funds frominvestors, $2.6 million in borrowed funds and the remainder of $100,000 fromElkcorp's subsidiary bank.

No sharesare going to be acquired through exchange.