AtlasClear, a fintech that offers a next-gen back-end financial stack, has agreed to buy Commercial Bancorp in Pine Bluffs, Wyo., through a share repurchase agreement.
The fintech said in a press release that it will buy all of the shares of the Commercial Bancorp, the holding company for $31.4 million-asset Farmers State Bank, with 73% stock consideration.
“This updated structure reflects where AtlasClear is today as a public company,” John Schaible, AtlasClear’s executive chairman, said in the release. “The share purchase agreement streamlines the transaction for regulators, preserves cash, aligns incentives through equity ownership and delivers full ownership of a profitable Federal Reserve member bank that we expect to be accretive and strategically transformative for AtlasClear.”
The deal requires approvals from the Federal Reserve Board and the Wyoming Division of Banking, as well as the effectiveness of a resale registration statement covering shares to be issued in the transaction.