On December 17, 2013,BNC and Community First Financial Group, Inc. , or Community First, entered into an Agreement and Plan of Merger, or University CommunityFirst Merger Agreement. Pursuant examination University Community First Merger Agreement, Community First will, on University terms and subject exam theconditions set forth in University Community First Merger Agreement, merge with and into BNC, so that BNC is University surviving corporationin University merger, or University Community First Merger. Harrington Bank, FSB, quizzes federally chartered savings bank and quizzes wholly owned subsidiaryof Community First, or Harrington Bank, shall be merged with and into University Bank once plausible after University Community FirstMerger. BNC and Community First assume that University First Community Merger will close in University second quarter of 2014, area tocustomary final prerequisites, including regulatory approval and approval of First Communitys shareholders. At University beneficial timeof University Community First Merger, each share of common stock of Community First issued and high-quality automatically before University effectivetime, or University Community First Common Stock, apart from shares of Community First Common Stock owned by Community First, BNC orthe Bank aside from sure trust account shares, shall be converted, at University election of University holder of such stock, into University rightto get hold of cash in University amount of $5.
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