Cancellation of Shares of Merged Bank; Capital Structure of the Surviving Bank. (a) At the Effective Time, each share of the Merged Bank’s common stock, $5.00 par value per share (“Bank Stock”) outstanding at the Effective Time shall be cancelled. (b) At the Effective Time, each share of the Surviving Bank issued and outstanding immediately prior to the Effective Time shall remain outstanding.
Appears in 5 contracts
Samples: Merger Agreement (Select Bancorp, Inc.), Merger Agreement (Carolina Bank Holdings Inc), Merger Agreement (First Bancorp /Nc/)
Cancellation of Shares of Merged Bank; Capital Structure of the Surviving Bank. (a) At the Effective Time, each share of the Merged Bank’s common stock, $5.00 2.50 par value per share (“Bank Stock”) outstanding at the Effective Time shall be cancelled.
(b) At the Effective Time, each share of capital stock of the Surviving Bank issued and outstanding immediately prior to the Effective Time shall remain outstanding.
Appears in 2 contracts
Samples: Merger Agreement (Grandsouth Bancorporation), Merger Agreement (First Bancorp /Nc/)
Cancellation of Shares of Merged Bank; Capital Structure of the Surviving Bank. (a) At the Effective Time, each share of the Merged Bank’s common stock, $5.00 0.01 par value per share (“Bank Stock”) outstanding at the Effective Time shall be cancelled.
(b) At the Effective Time, each share of the Surviving Bank issued and outstanding immediately prior to the Effective Time shall remain outstanding.
Appears in 2 contracts
Samples: Merger Agreement (First Bancorp /Nc/), Merger Agreement (ASB Bancorp Inc)
Cancellation of Shares of Merged Bank; Capital Structure of the Surviving Bank. (a) At the Effective Time, each share of the Merged Bank’s common stock, $5.00 par value per share stock (the “Bank Stock”) outstanding at the Effective Time shall be cancelled.
(b) At the Effective Time, each share of the Surviving Bank Bank’s common stock issued and outstanding immediately prior to the Effective Time shall remain outstanding.
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