Commercial National Financial Corporation (OTCPK:CEFC) entered into a definitive agreement to acquire Capital Directions, Inc. for approximately $14 million on June 16, 2016. Under the terms of agreement, Commercial National Financial Corporation will acquire Capital Directions, Inc. for $36.07 per share. Capital Directions, Inc. shareholders will have the option of electing consideration in cash or Commercial National Financial Corporation common stock, subject to 50% of Capital Directions, Inc. shares being exchanged for cash. Upon Closing, Mason State Bank, a unit of Capital Directions, Inc., will be merged into Commercial Bank, a unit of Commercial National Financial Corporation. Timothy Gaylord, President, Chief Executive Officer and Director of Capital Directions, Inc. and Mason State Bank, will join the Commercial National Financial Corporation and Commercial Bank Boards upon completion. The transaction is subject to receipt of regulatory approval and satisfaction of other customary closing conditions including Capital Directions, Inc. shareholders approvals. The deal is expected to close in the fourth quarter of 2016. The transaction is expected to be accretive to the earnings per share of Commercial National Financial Corporation in the first full year of operations. Boenning & Scattergood, Inc. acted as financial advisor and Foster Swift Collins & Smith PC acted as legal advisor for Commercial National Financial Corporation. Donnelly Penman & Partners acted as financial advisor and Howard & Howard acted as legal advisor for Capital Directions, Inc. Commercial National Financial Corporation (OTCPK:CEFC) completed the acquisition of Capital Directions, Inc. on January 1, 2017.