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Document Preview Purchase and Assumption Agreement |
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Title: |
Purchase and Assumption Agreement |
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Entities: |
MFB Corp.; Sobieski Bancorp, Inc.; Federal National Mortgage Association; Bank of New York; Barnes & Thornburg |
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Date: |
2004 |
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Size: |
Preview shows 16KB of 268KB total |
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Price: |
$65 |
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ID: |
#763229 |
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PURCHASE AND ASSUMPTION AGREEMENT
by and between
MFB FINANCIAL
SOBIESKI BANK,
and
SOBIESKI BANCORP, INC.
April 25, 2004
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
{S} {C} {C}
ARTICLE I DEFINITIONS ...............................................................................1
Section 1.01 Definitions.................................................................1
ARTICLE II TERMS OF PURCHASE.........................................................................6
Section 2.01 Assets......................................................................6
Section 2.02 Liabilities.................................................................7
Section 2.03 Adjustments.................................................................8
ARTICLE III TRANSFER OF ASSETS.......................................................................9
Section 3.01 Real Estate.................................................................9
Section 3.02 Fixed Assets................................................................9
Section 3.03 Loans and AccountLoans......................................................9
Section 3.04 Liquid Assets...............................................................9
Section 3.05 Accounts Receivable........................................................10
Section 3.06 Cash on Hand...............................................................10
Section 3.07 Records and Numbers........................................................10
Section 3.08 Contracts..................................................................10
Section 3.09 Prepaid Expenses...........................................................10
Section 3.10 Retirement Accounts........................................................10
Section 3.11 Allocation.................................................................10
Section 3.12 Destruction of Property....................................................11
ARTICLE IV CLOSING .................................................................................11
Section 4.01 Closing Date...............................................................11
Section 4.02 Closing Payment............................................................11
Section 4.03 Deliveries by Seller.......................................................11
Section 4.04 Deliveries by Buyer........................................................11
ARTICLE V REPRESENTATIONS AND WARRANTIES OF SELLER AND SOBIESKI.....................................11
Section 5.01 Organization and Authority.................................................12
Section 5.02 Conflicts; Defaults........................................................12
Section 5.03 Financial Information......................................................12
Section 5.04 Absence of Changes.........................................................13
Section 5.05 Title to Properties........................................................13
Section 5.06 Title to Assets Other Than Real Estate.....................................13
Section 5.07 Loans......................................................................13
Section 5.08 Residential and Commercial Mortgage Loans and Certain Business Loans.......14
Section 5.09 Auto Receivables...........................................................17
Section 5.10 Unsecured Loans............................................................17
Section 5.11 Allowance..................................................................17
Section 5.12 Investments................................................................18
Section 5.13 Deposits...................................................................18
i
{PAGE}
Section 5.14 Account Loans..............................................................19
Section 5.15 Contracts..................................................................19
Section 5.16 Tax Matters................................................................20
Section 5.17 Employee Matters and ERISA.................................................20
Section 5.18 Environmental Matters......................................................21
Section 5.19 No Undisclosed Liabilities.................................................21
Section 5.20 Litigation.................................................................21
Section 5.21 Performance of Obligations.................................................21
Section 5.22 Compliance with Law........................................................22
Section 5.23 Brokerage..................................................................22
Section 5.24 Interim Events.............................................................22
Section 5.25 Records....................................................................22
Section 5.26 Insurance..................................................................22
Section 5.27 Regulatory Enforcement Matters.............................................22
Section 5.28 Community Reinvestment Act.................................................22
Section 5.29 Regulatory Approvals.......................................................23
Section 5.30 Representations Regarding Financial Condition..............................23
Section 5.31 Disclosure.................................................................23
ARTICLE VI REPRESENTATIONS AND WARRANTIES OF BUYER..................................................23
Section 6.01 Organization and Authority.................................................23
Section 6.02 Conflicts; Defaults........................................................24
Section 6.03 Litigation.................................................................24
Section 6.04 Regulatory Approvals.......................................................24
Section 6.05 Community Reinvestment Act.................................................24
Section 6.06 Financial Ability..........................................................24
Section 6.07 Financial Information......................................................24
Section 6.08 Disclosure.................................................................25
ARTICLE VII COVENANTS ..............................................................................25
Section 7.01 Reasonable Best Efforts....................................................25
Section 7.02 Shareholder Approval.......................................................25
Section 7.03 Proxy Statement............................................................25
Section 7.04 Press Releases.............................................................26
Section 7.05 Access to Records and Information; Personnel; Customers....................26
Section 7.06 Operation in Ordinary Course...............................................27
Section 7.07 Acquisition Proposals......................................................29
Section 7.08 Regulatory Applications....................................................30
Section 7.09 Title Insurance and Surveys................................................30
Section 7.10 Environmental Reports......................................................30
Section 7.11 Further Assurances.........................................................31
Section 7.12 Payment of Checks..........................................................31
Section 7.13 Close of Business on Closing Date..........................................32
Section 7.14 Supplemental Information; Disclosure Supplements...........................32
Section 7.15 Confidentiality of Records.................................................32
Section 7.16 Solicitation of Customers..................................................32
Section 7.17 Installation/Conversion of Signage/Equipment...............................33
ii
{PAGE}
Section 7.18 Payment of Excluded Liabilities............................................33
Section 7.19 Interest Rates.............................................................33
Section 7.20 Seller's and Sobieski's Dissolution........................................33
Section 7.21 Escrow Account.............................................................34
Section 7.22 Maintenance of Records by Buyer............................................34
Section 7.23 Financing..................................................................34
Section 7.24 Sobieski Real Estate.......................................................34
Section 7.25 Servicing of Loans.........................................................34
Section 7.26 Irregular Loans............................................................34
ARTICLE VIII EMPLOYEES .............................................................................34
Section 8.01 Employees..................................................................34
Section 8.02 Employment Contracts and Employee Benefit Plans............................36
Section 8.03 Employee Documents.........................................................37
Section 8.04 Compliance with COBRA......................................................37
ARTICLE IX CONDITIONS TO CLOSING....................................................................37
Section 9.01 Conditions to the Obligations of Seller....................................37
Section 9.02 Conditions to the Obligations of Buyer.....................................38
Section 9.03 Condition to the Obligations of Seller and Buyer...........................42
ARTICLE X INDEMNIFICATION .........................................................................42
Section 10.01 Indemnification by Seller and Sobieski.....................................42
Section 10.02 Indemnification by Buyer...................................................43
ARTICLE XI TERMINATION ............................................................................44
Section 11.01 Termination................................................................44
Section 11.02 Effect of Termination and Abandonment......................................45
Section 11.03 Liquidated Damages.........................................................45
ARTICLE XII OTHER AGREEMENTS........................................................................45
Section 12.01 Holds and Stop Payment Orders..............................................45
Section 12.02 ACH Items and Recurring Debits.............................................45
Section 12.03 Withholding................................................................46
Section 12.04 Retirement Accounts........................................................46
Section 12.05 Interest Reporting.........................................................46
Section 12.06 Notices to Depositors......................................................47
Section 12.07 Card Processing and Overdraft Coverage.....................................47
Section 12.08 Taxpayer Information.......................................................47
ARTICLE XIII GENERAL PROVISIONS.....................................................................48
Section 13.01 Attorneys' Fees............................................................48
Section 13.02 No Third Party Beneficiaries...............................................48
Section 13.03 Notices....................................................................48
Section 13.04 Assignment.................................................................49
Section 13.05 Successors and Assigns.....................................................49
Section 13.06 Governing Law..............................................................49
iii
{PAGE}
Section 13.07 Entire Agreement...........................................................49
Section 13.08 Headings...................................................................49
Section 13.09 Severability...............................................................49
Section 13.10 Waiver.....................................................................49
Section 13.11 Counterparts...............................................................49
Section 13.12 Force Majeure..............................................................49
Section 13.13 Schedules..................................................................50
Section 13.14 Knowledge..................................................................50
Section 13.15 Survival...................................................................50
Section 13.16 Transfer Charges and Assessments...........................................50
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