EX-99.1
2
ex99-1.htm
EXHIBIT 99.1
ex99-1.htm
Exhibit
99.1
Press
Release
PRESS
RELEASE
FOR
IMMEDIATE RELEASE
October
10, 2008
Contact:
Dennis
M. Terry
President
and Chief Executive Officer
First
Clover Leaf Financial Corp.
(618)
656-6122
FIRST
CLOVER LEAF FINANCIAL CORP. ANNOUNCES COMPLETION
OF
ACQUISITION OF PARTNERS FINANCIAL HOLDINGS, INC.
Edwardsville,
IL - (October 10, 2008) First Clover Leaf Financial Corp. ("First Clover Leaf")
(NASDAQ: FCLF) and its subsidiary, First Clover Leaf Bank, FSB, announced today
that they have completed the acquisition of Partners Financial Holdings Inc.
("Partners") and its subsidiary, Partners Bank, both based in Glen Carbon,
Illinois, by merger of Partners into First Clover Leaf and Partners Bank into
First Clover Leaf Bank, resulting in a combined organization with over $593
million in assets. The holding company resulting from the transactions will
continue to be known as First Clover Leaf Financial Corp. and the resulting
federal savings bank will continue to be known as First Clover Leaf
Bank.
Each
share of Partners common stock was converted into the right to receive either
5.7971 shares of First Clover Leaf common stock or $56 in cash. The
total mix of consideration in the transaction was 50% stock and 50% cash, or up
to 1,072,487 First Clover Leaf common shares and approximately $10.36 million in
cash. Cash will be issued in lieu of fractional shares of First Clover Leaf
common stock at a rate of $9.66 per share. In addition, First Clover
Leaf paid approximately $1.5 million in cash for outstanding Partners options
and warrants.
As a
result of the completion of the acquisition, First Clover Leaf will have
9,249,218 issued and outstanding common shares, subject to adjustment for cash
payments in lieu of fractional shares.
First
Clover Leaf engaged RP Financial, LC, as its financial advisor and Polsinelli
Shalton Flanigan Suelthaus PC served as legal counsel to First Clover
Leaf.
Partners
engaged Stifel Nicolaus & Co., Inc., as its financial advisor. Lewis,
Rice & Fingersh, LC, served as legal counsel to Partners.
About
First Clover Leaf:
First
Clover Leaf Financial Corp. is the parent company of First Clover Leaf Bank, a
federally chartered savings bank, headquartered in Edwardsville, Illinois. The
savings bank operates four full-service offices in Edwardsville and Wood River,
Illinois. As of June 30, 2008, First Clover Leaf's consolidated assets totaled
approximately $421 million and its deposits were approximately $292
million.

EX - 99 . 1 2 ex99 - 1 . htm EXHIBIT 99 . 1 ex99 - 1 . htm Exhibit 99 . 1 Press Release PRESS RELEASE FOR IMMEDIATE RELEASE October 10 , 2008 Contact : Dennis M . Terry President and Chief Executive Officer First Clover Leaf Financial Corp . ( 618 ) 656 - 6122 FIRST CLOVER LEAF FINANCIAL CORP . ANNOUNCES COMPLETION OF ACQUISITION OF PARTNERS FINANCIAL HOLDINGS , INC . Edwardsville , IL - ( October 10 , 2008 ) First Clover Leaf Financial Corp . ( " First Clover Leaf " ) ( NASDAQ : FCLF ) and its subsidiary , First Clover Leaf Bank , FSB , announced today that they have completed the acquisition of Partners Financial Holdings Inc . ( " Partners " ) and its subsidiary , Partners Bank , both based in Glen Carbon , Illinois , by merger of Partners into First Clover Leaf and Partners Bank into First Clover Leaf Bank , resulting in a combined organization with over $ 593 million in assets . The holding company resulting from the transactions will continue to be known as First Clover Leaf Financial Corp . and the resulting federal savings bank will continue to be known as First Clover Leaf Bank . Each share of Partners common stock was converted into the right to receive either 5 . 7971 shares of First Clover Leaf common stock or $ 56 in cash . The total mix of consideration in the transaction was 50 % stock and 50 % cash , or up to 1,072,487 First Clover Leaf common shares and approximately $ 10.36 million in cash . Cash will be issued in lieu of fractional shares of First Clover Leaf common stock at a rate of $ 9.66 per share . In addition , First Clover Leaf paid approximately $ 1.5 million in cash for outstanding Partners options and warrants . As a result of the completion of the acquisition , First Clover Leaf will have 9,249,218 issued and outstanding common shares , subject to adjustment for cash payments in lieu of fractional shares . First Clover Leaf engaged RP Financial , LC , as its financial advisor and Polsinelli Shalton Flanigan Suelthaus PC served as legal counsel to First Clover Leaf . Partners engaged Stifel Nicolaus & Co . , Inc . , as its financial advisor . Lewis , Rice & Fingersh , LC , served as legal counsel to Partners . About First Clover Leaf : First Clover Leaf Financial Corp . is the parent company of First Clover Leaf Bank , a federally chartered savings bank , headquartered in Edwardsville , Illinois . The savings bank operates four full - service offices in Edwardsville and Wood River , Illinois . As of June 30 , 2008 , First Clover Leaf 's consolidated assets totaled approximately $ 421 million and its deposits were approximately $ 292 million .
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