First Bank of Delaware
Closes Sale of Assets to The Bryn Mawr Trust Company
Settles Government Claims
Dissolves Bank and Distributes Assets to Liquidating Trust
WILMINGTON, Del., Nov. 16, 2012 /PRNewswire/ -- First Bank of Delaware (the "Bank) (OTCBB: FBOD) today announced the closing of the Purchase and Assumption Agreement, as amended (the "Agreement"), dated as of April 27, 2012, between the Bank and The Bryn Mawr Trust Company ("Bryn Mawr"). Pursuant to the Agreement, Bryn Mawr paid the Bank $8.7 million in cash in exchange for the purchase of certain of the Bank's loans and other assets, including the lease for the Bank's branch located at Brandywine Commons, 1000 Rocky Run Parkway, Wilmington Delaware and the assumption of certain deposit liabilities of the Bank.
The Bank also entered into a settlement regarding government claims by agreeing to pay $15 million in civil money penalties and $500,000 for restitution that will satisfy the outstanding claims of the United States Attorney's Office for the Eastern District of Pennsylvania, the Treasury Department and the Federal Deposit Insurance Corporation ("FDIC").
Immediately after the sale to Bryn Mawr the Bank was dissolved and its assets and liabilities were transferred to a liquidating trust in accordance with the plans approved by the Bank's stockholders on October 23, 2012. In connection with the dissolution of the Bank and the transfer of assets and liabilities to the liquidating trust, all outstanding shares of the Bank's common stock are cancelled and each stockholder of the Bank is the holder of one unit of beneficial interest in the trust for each share of Bank common stock held of record by such stockholder. Stockholders of the Bank are not required to take any action to receive liquidating trust units.
Additionally, the Bank today filed a Form 15 with the FDIC to terminate the registration of its common stock and will cease filing reports with the FDIC.
Forward Looking Statements
Except for historical information, all other information in this filing consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made to differ are discussed under the caption "Forward-Looking Statements" in the Bank's Form 10-K Annual Report for the year ended December 31, 2011 and in subsequent filings made prior to or on the date hereof.
SOURCE First Bank of Delaware