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What Drove Aquesta (AQFH) Stock Up 63%?

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In the previous session, Aquesta Financial Holdings Inc (OTCPINK: AQFH) stock finished up 62.93% to $ 21.10. Aquesta stock traded between $20.50 and $21.35 during the session, while 508.95K shares traded. A merger deal news led to a rise in AQFH stock.

Who placed the bid?

Aquesta is the holding company for Aquesta Bank. North Carolina’s Aquesta Bank has branches in Cornelius, Davidson, Huntersville, Mooresville, Charlotte, and Wilmington, offering full-service banking to all customers. Aquesta Bank also has loan production offices in Raleigh, North Carolina, as well as Charleston and Greenville, South Carolina.

The track record of superior growth and profitability of Aquesta Bank owes much to its focus on its core values of passion, vision, care, empowerment, and togetherness. These values are used by Aquesta to help its clients, communities and team members succeed.

Yesterday, United Community Banks, Inc. and Aquesta announced a definitive agreement for United Community Banks to acquire the AQFH including wholly-owned subsidiary of Aquesta.

  • AQFH headquarters are located in Cornelius, North Carolina, a fast-growing suburb of Charlotte, North Carolina, located on Lake Norman.
  • Aquesta Bank founder Jim Engel, who founded AQFH in 2006, leads an experienced management team with a premier franchise.
  • Aquesta reported total assets of $752 million and total loans of $576 million as of March 31, 2021.
  • Additionally, the bank’s deposit base consists of non-CD core deposits totaling $586 million, or 92%.

How the transaction will be completed?

  • In addition to the $131 million transaction value, approximately $12 million represented the value of outstanding options and warrants to acquire Aquesta common stock.
  • A portion of the consideration paid by United for AQFH stock is available for stockholders to elect to receive in cash, subject to a cap of 30% of the entire consideration paid by United for AQFH stock.
  • Accordingly, United’s common stock is exchanged for each share of AQFH’s common stock with an exchange ratio of 0.6386 shares of United common stock.
  • Regulatory approval, as well as approval by Aquesta’s stockholders, will all need to be obtained prior to the transfer being completed in the fourth quarter of 2021.

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