EXHIBIT 99.1
------------
FOR IMMEDIATE RELEASE
---------------------
CONTACT - CGB&L FINANCIAL GROUP, INC.
XXXXXXX X. XXXXXXX, PRESIDENT AND CHIEF EXECUTIVE OFFICER
(217) 763-2911
February 21, 2001
CGB&L FINANCIAL GROUP, INC.
ENTERS INTO AGREEMENT
TO BE ACQUIRED
Cerro Gordo, Illinois-Xxxxxxx X. Xxxxxxx, President and Chief Executive
Officer of CGB&L Financial Group, Inc., the parent company of Cerro Gordo
Building & Loan, sb today announced that CGB&L had signed a definitive agreement
to be acquired by a company controlled by Xxxxx Xxxxxxx. The Company announced
on January 12, 2001, that it had entered into a letter of intent to be acquired.
CGB&L will be acquired for cash with each stockholder of CGB&L expected to
receive approximately $23.00 per share.
The agreement is subject to the satisfactory completion of due diligence,
regulatory and CGB&L stockholder approval and other conditions.
Xx. Xxxxxxx stated "This change will position our small financial
institution for growth so our experienced staff will be able to continue serving
the Cerro Gordo community in a rapidly changing and highly competitive financial
environment. I am pleased that the price represents more than 100% increase in
the value of CGB&L shares in less than two and one half years since the company
converted from mutual to stock form."
72
The material contained in this Press Release may be deemed solicitation material
in respect of the proposed acquisition. Moreover, CGB&L and its directors and
executive officers may be deemed to be participants in the solicitation of
proxies in respect of the proposed acquisition. If you are interested in
obtaining information on the beneficial interests of CGB&L's directors and
executive officers in CGB&L's common stock, we encourage you to obtain, free of
charge, the Company's 2000 Proxy Statement which is available on the internet or
from the Company as described below.
Stockholders of CGB&L and other investors are also urged to read the proxy
statement which will be filed in the near future by CGB&L with the Securities
and Exchange Commission in connection with the proposed acquisition because it
will contain important information. After it is filed with the SEC, the proxy
statement will be available for free, both on the SEC's web site (xxx.xxx.xxx)
-----------
and from CGB&L directly by calling or writing to Xxxxxxx X. Xxxxxxx, President
and Chief Executive Officer, 000 Xxxx Xxxxx Xxxxxx, X.X. Box 680, Cerro Gordo,
IL 61818, telephone: (000) 000-0000.
73
