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Trinity Bancorp wasn't willing to sell itself at price equal to 1.6x book value

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Trinity Bancorp wasn't willing to sell itself at price equal to 1.6x book value

River Financial Corp. CEO James Stubbs asked Trinity Bancorp Inc. Chairman E. Carey Slay Jr. in February whether Trinity might be willing to sell itself at a price equal to 1.6x its book value. Slay said no.

It was indicated later that Trinity might be willing to discuss a business combination transaction, but at a price higher than 1.6x Trinity's book value.

On April 9, River Financial proposed a non-binding letter of intent for the merger of Trinity with River Financial at a purchase price equal to 1.7x Trinity's book value at March 31. The Trinity board on April 11 authorized management to execute and deliver the letter of intent. On April 15, River Financial and Trinity executed the letter of intent, which included the revised terms.

River Financial later agreed to increase the purchase price to account for certain adjustments to Trinity's interim financial statements as of March 31.

Prattville, Ala.-based River Financial and Dothan, Ala.-based Trinity executed the merger agreement June 4 and publicly announced it the following day.