North Central Bancshares Announces Shareholder Approval of Merger Agreement
North Central Bancshares, Inc. (NASDAQ: FFFD) has announced that, at a special meeting of shareholders held earlier today, its shareholders voted to adopt a proposal approving its Agreement and Plan of Merger with Great Western Bancorporation, Inc. and 150, Inc, under which 150 will merge with and into North Central. North Central's shareholders also voted to adopt a non-binding proposal to approve the compensation that may be paid or become payable to North Central's named executive officers in connection with the Merger.
Under the terms of the Merger Agreement, each issued and outstanding share of common stock of North Central immediately prior to the effective time of the Merger will be converted into the right to receive $30.58 per share, in cash and without interest and subject to any applicable withholding, representing an approximate premium of 39% over the share closing price on March 12, 2012, the date of entry into the Merger Agreement. North Central and Great Western anticipate that the Merger will be completed in the summer of 2012, subject to the satisfaction of remaining closing conditions.
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