Timothy Gaylord to Join Boards of Commercial National Financial Corporation and Commercial Bank
June 16, 2016 at 05:30 pm IST
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Commercial National Financial Corporation (CEFC) the parent company of Commercial Bank, and Capital Directions Inc. (CTDN), the parent company of Mason State Bank, announced that they have entered into a definitive merger agreement. Under the terms of the definitive merger agreement, CEFC will acquire all of the outstanding shares of CTDN's common stock for cash and CEFC common stock in a transaction valued at approximately $14.03 million, or $36.07 per share, based on a CEFC
stock price of $9.75 per share. Following completion of the transaction, Mason State Bank will be merged into Commercial Bank. Timothy Gaylord, President, CEO and director of CTDN and Mason State Bank, will join the CEFC and Commercial Bank boards upon completion of the transaction.
Commercial National Financial Corporation (CNFC) is a one-bank holding company, which operates through its subsidiary, Commercial Bank (the Bank). The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. It maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles and personal expenditures, and loans to business enterprises for current operations and expansion. The Bank generally requires collateral for all loans. The Bank offers a variety of deposit products, including checking, savings, individual retirement accounts and certificates of deposit. The principal markets for the Bank's financial services are the Michigan communities, in which the Bank is located and the areas immediately surrounding these communities. The Bank has approximately 11 offices located in Barry, Gratiot, Ingham, Kent and Montcalm Counties in Michigan.
COMMERCIAL NATIONAL FINANCIAL CORPORATION 
