Cooper Lake Financial Corporation and Delaware’s Ark Financial Holding have entered into a definitive agreement for Ark to acquire Cooper Lake, the holding company of The First National Bank of Cooper. The transaction is subject to customary closing conditions, including approval by Cooper Lake shareholders and the receipt of required regulatory approvals.
Ark intends to contribute additional capital to the First National Bank in Cooper following the closing of the proposed transaction. That capital will fund a multi-year investment programme to upgrade the Texas-based bank’s technology infrastructure, apart from expanding digital banking services and adding modern digital payments capabilities for the bank’s customers.
The First National Bank in Cooper is the oldest bank in Delta County. The bank will remain at its current location in Cooper and remain committed to serving Cooper and Delta County, as well as growing its operational fold among the communities surrounding Cooper.
Tim Gregory, President and CEO of Cooper Lake and The First National Bank in Cooper, said, “This new partnership with Ark will provide the bank with the resources to invest in modernising our technology infrastructure, including digital banking services. Our customers will continue to see the same faces and receive the same care and service as they always have when they walk into the bank. Deposit accounts, loan relationships, branch hours, and day-to-day operations will continue without disruption.”
“The First National Bank in Cooper has served this community for generations, and we are honoured to continue that tradition. As we invest in modernising the bank’s technology infrastructure, we are excited about what this means for the bank’s customers,” said a representative of Ark Financial Holding.
Ark Financial Holding is a Delaware corporation with expertise in digital banking services, digital payments, and financial technology. Sheshunoff & Co. Investment Banking served as financial advisor to Ark Financial Holding in the transaction, whereas Cleary Gottlieb Steen & Hamilton LLP served as the legal counsel.