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Main Street Trust, Inc. and Citizens First Financial Corp.
Announce Shareholder Approval of Agreement of Merger
BLOOMINGTON, Ill., March 8 /PRNewswire-FirstCall/ -- Today, shareholders of
Citizens First Financial Corp. (NASDAQ:CFSB), at a Special Meeting in
Bloomington, Illinois overwhelmingly approved the Agreement and Plan of Merger
between Main Street Trust, Inc. (OTC:MSTI) (BULLETIN BOARD: MSTI) and Citizens
First Financial Corp. In excess of 98% of the shares represented at the meeting
were voted to approve the merger.
On November 8, 2004, the two companies had announced the signing of a
definitive agreement for Citizens First to be acquired by Main Street. Main
Street will acquire all Citizens First's issued and outstanding shares of
common stock. Subject to an overall allocation of the purchase price between
half cash and half stock, each Citizens First shareholder will have the option
of receiving either 1.1051 shares of Main Street stock for each share of
Citizens First stock or $35 of cash for each share of Citizens First stock or a
combination of both. Following the approval of Citizens First shareholders
today, it is anticipated that the transaction will close in the second quarter
of 2005.
Van A. Dukeman, President and CEO of Main Street, stated, "We want to thank the
shareholders of Citizens First Financial Corp. for their over- whelming show of
support for this transaction. We are excited about the opportunity to extend
our financial services franchise into the Bloomington market and continue to
serve Citizens' customers with the highest degree of trust, knowledge and
service."
"I feel this is a win, win, win situation for Citizens," said C. William
Landefeld, President and CEO of Citizens First. "It's a win for our
shareholders in the premium they will receive for their stock, a win for our
customers with an increased array of financial services, products and larger
lending limits, and a win for our employees to be associated with a much larger
financial institution offering more career opportunities."
Main Street is a publicly traded company with banking assets of approximately
$1.23 billion and wealth management assets of approximately $1.76 billion. It
operates community-banking locations in Champaign, Decatur, Mahomet, Mt. Zion,
Peoria, Shelbyville and Urbana. Currently, Main Street operates 18 banking
centers and a network of 75 ATM's. Additionally, Main Street is the parent
company of FirsTech, a telecommunication bill processing company. Shares of
Main Street ended trading on March 7, 2005 at $29.60 per share with a total of
9.46 million shares outstanding. Main Street has approximately 700 shareholders
of record.
Citizens Savings Bank offers a variety of financial products and services,
including accepting retail deposits from the general public and originating
loans. The bank has offices in Bloomington, Normal and Fairbury. Shares of
Citizens First ended trading on March 7, 2005 at $33.99 per share with a total
of 1.611 million shares outstanding.
Additional Information and Where to Find it
Main Street Trust filed with the Securities and Exchange Commission, a
registration statement on Form S-4, as amended, and other relevant documents in
connection with its merger with Citizens First Financial Corp., including a
proxy statement for use in connection with the special meeting of Citizens
stockholders. These documents are available free of charge at the SEC's
website, http://www.sec.gov/ . In addition, documents filed with the SEC by
Main Street will be available free of charge from its Corporate Secretary at
100 W. University, Champaign, Illinois 61824-4028, telephone 217-351-6500 and
documents filed with the SEC by Citizens will be available free of charge from
its Corporate Secretary at 2101 North Veterans Parkway, Bloomington, Illinois
61704, telephone 309-661-8700.
Forward-Looking Information
This press release may contain, forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 with respect to merger
transaction between Main Street and Citizens and the integration of Citizens
Savings Bank with Main Street Bank & Trust, the combination of their business,
and the projected revenue, financial condition, results of operations, plans,
objectives, future performance and business of the combined company.
Forward-looking statements, which may be based upon beliefs, expectations and
assumptions of Main Street's and Citizens' management and on information
currently available to management, are generally identifiable by the use of
words such as "believe," "expect," "anticipate," "plan," "intend," "estimate,"
"may," "will," "would," "could," "should" or other similar expressions.
Additionally, all statements in this document, including forward-looking
statements, speak only as of the date they are made, and neither Main Street
nor Citizens undertakes any obligation to update any statement in light of new
information or future events. A number of factors, many of which are beyond
the ability of Main Street and Citizens to control or predict, could cause
actual results to differ materially from those in its forward-looking
statements. These factors include, among others, the following: (i) the
strength of the local and national economy; (ii) the economic impact of any
future terrorist threats or attacks; (iii) changes in state and federal laws,
regulations and governmental policies concerning our general business; (iv)
changes in interest rates and prepayment rates of our assets; (v) increased
competition in the financial services sector and the inability to attract new
customers; (vi) changes in technology and the ability to develop and maintain
secure and reliable electronic systems; (vii) the loss of key executives or
employees; (viii) changes in consumer spending; (ix) unexpected results of
acquisitions; (x) unexpected outcomes of existing or new litigation involving
Main Street or Citizens; and (xi) changes in accounting policies and practices.
These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed on such
statements. Additional information concerning Main Street and Citizens, their
businesses, factors that could materially affect their financial results, and
the merger transaction is included in their filings with the Securities and
Exchange Commission.
DATASOURCE: Main Street Trust, Inc.
CONTACT: Van A. Dukeman, President-CEO of Main Street Trust, Inc.,
+1-217-351-6568, fax, +1-217-351-6651, , or
C. William Landefeld, President-CEO of Citizens First Financial Corp.,
+1-309-661-8700, fax, +1-309-661-0707,
Web site: http://www.bankillinois.com/