CMUV Bancorp has reached a pivotal milestone with the receipt of regulatory approvals necessary for the sale of Community Valley Bank's assets and the assumption of its liabilities by Frontwave Credit Union. This development paves the way for the subsequent dissolution of both Community Valley Bank and CMUV Bancorp, a process that has also garnered the required corporate approvals.
Shareholders of CMUV Bancorp are set to receive approximately $25.00 per share, a figure that may be adjusted to account for the costs and expenses tied to the dissolutions. The distribution of payments will occur in several phases, with the initial distribution expected shortly after the completion of the asset sale, targeted for on or about September 30, 2025, pending the fulfillment of standard closing conditions. It is imperative for shareholders to adhere to the specified transmittal procedures to be eligible for these distributions.
In anticipation of these changes, CMUV Bancorp plans to cease the trading and quoting of its common stock on the OTCQB by approximately September 23, 2025, concurrently closing its stock records. Post this date, the company's common stock will solely represent the entitlement to receive the aforementioned distributions.
This announcement includes forward-looking statements under the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. These statements reflect the current beliefs and assumptions of CMUV Bancorp's management, with no guarantee on the completion of the transaction with Frontwave Credit Union, the timing thereof, or the specifics regarding shareholder distributions.
For further details, the original press release can be accessed at https://www.newmediawire.com.
