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Title: |
Agreement and Plan of Merger |
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Date: |
2005 |
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Preview shows 18KB of 249KB total |
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$56 |
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ID: |
#858801 |
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AGREEMENT AND PLAN OF MERGER
<PAGE>
AGREEMENT AND PLAN OF MERGER
BY AND AMONG
CAPITAL CITY BANK GROUP, INC.,
FIRST ALACHUA BANKING CORPORATION
AND
FIRST NATIONAL BANK OF ALACHUA
Dated as of February 3, 2005
<PAGE>
TABLE OF CONTENTS
Page
ARTICLE 1 TRANSACTIONS AND TERMS OF MERGERS.............................1
1.1 HOLDING COMPANY MERGER..........................................1
1.2 BANK MERGER.....................................................2
1.3 TIME AND PLACE OF CLOSING.......................................2
1.4 EFFECTIVE TIME..................................................2
1.5 ARTICLES OF INCORPORATION.......................................2
1.6 BYLAWS..........................................................2
1.7 DIRECTORS AND OFFICERS..........................................2
ARTICLE 2 MANNER OF CONVERTING SHARES...................................3
2.1 CONVERSION OF SHARES............................................3
2.2 ANTI-DILUTION PROVISIONS........................................4
2.3 SHARES HELD BY FABC SHAREHOLDERS OR CCBG........................4
2.4 DISSENTING SHAREHOLDERS.........................................4
2.5 FRACTIONAL SHARES...............................................4
ARTICLE 3 EXCHANGE OF SHARES............................................4
3.1 EXCHANGE PROCEDURES.............................................4
3.2 RIGHTS OF FORMER FABC SHAREHOLDERS..............................5
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF FABC........................6
4.1 ORGANIZATION, STANDING, AND POWER...............................6
4.2 AUTHORITY OF FABC AND FIRST NATIONAL; NO BREACH BY AGREEMENT....7
4.3 CAPITAL STOCK...................................................8
4.4 INVESTMENTS; SUBSIDIARIES.......................................8
4.5 FINANCIAL STATEMENTS............................................9
4.6 ABSENCE OF UNDISCLOSED LIABILITIES..............................9
4.7 ABSENCE OF CERTAIN CHANGES OR EVENTS............................9
4.8 TAX MATTERS....................................................10
4.9 ALLOWANCE FOR POSSIBLE LOAN LOSSES.............................13
4.10 ASSETS.........................................................13
4.11 INTELLECTUAL PROPERTY..........................................14
4.12 ENVIRONMENTAL MATTERS..........................................15
4.13 COMPLIANCE WITH LAWS...........................................16
4.14 LABOR RELATIONS................................................17
-i-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
4.15 EMPLOYEE BENEFIT PLANS.........................................17
4.16 MATERIAL CONTRACTS.............................................21
4.17 LEGAL PROCEEDINGS..............................................21
4.18 REPORTS........................................................22
4.19 STATEMENTS TRUE AND CORRECT....................................22
4.20 ACCOUNTING, TAX, AND REGULATORY MATTERS........................22
4.21 STATE TAKEOVER LAWS............................................23
4.22 CHARTER PROVISIONS.............................................23
4.23 OPINION OF FINANCIAL ADVISOR...................................23
4.24 BOARD RECOMMENDATION...........................................23
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF CCBG.......................23
5.1 ORGANIZATION, STANDING, AND POWER..............................23
5.2 AUTHORITY OF CCBG; NO BREACH BY AGREEMENT......................24
5.3 CAPITAL STOCK..................................................24
5.4 CCBG SUBSIDIARIES..............................................25
5.5 SEC FILINGS; FINANCIAL STATEMENTS..............................25
5.6 ABSENCE OF UNDISCLOSED LIABILITIES.............................25
5.7 ABSENCE OF CERTAIN CHANGES OR EVENTS...........................26
5.8 ALLOWANCE FOR POSSIBLE LOAN LOSSES.............................26
5.9 INTELLECTUAL PROPERTY..........................................26
5.10 COMPLIANCE WITH LAWS...........................................27
5.11 LEGAL PROCEEDINGS..............................................27
5.12 REPORTS........................................................28
5.13 STATEMENTS TRUE AND CORRECT....................................28
5.14 ACCOUNTING, TAX AND REGULATORY MATTERS.........................28
ARTICLE 6 CONDUCT OF BUSINESS PENDING CONSUMMATION.....................29
6.1 AFFIRMATIVE COVENANTS OF FABC AND FIRST NATIONAL...............29
6.2 NEGATIVE COVENANTS OF FABC AND FIRST NATIONAL..................29
6.3 COVENANTS OF CCBG..............................................31
6.4 ADVERSE CHANGES IN CONDITION...................................32
6.5 REPORTS........................................................32
6.6 TAXES..........................................................32
-ii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
ARTICLE 7 ADDITIONAL AGREEMENTS........................................34
7.1 REGISTRATION STATEMENT; PROXY STATEMENT; SHAREHOLDER APPROVAL..34
7.2 NASDAQ LISTING.................................................34
7.3 APPLICATIONS...................................................34
7.4 FILINGS WITH STATE OFFICES.....................................35
7.5 AGREEMENT AS TO EFFORTS TO CONSUMMATE..........................35
7.6 INVESTIGATION AND CONFIDENTIALITY..............................35
7.7 PRESS RELEASES.................................................36
7.8 CERTAIN ACTIONS................................................37
7.9 ACCOUNTING AND TAX TREATMENT...................................37
7.10 STATE TAKEOVER LAWS............................................37
7.11 CHARTER PROVISIONS.............................................37
7.12 FABC AND FIRST NATIONAL MEETINGS...............................37
7.13 AGREEMENT OF AFFILIATES........................................38
7.14 EMPLOYEE BENEFITS AND CONTRACTS................................38
7.15 ALACHUA 401(K) PLAN QUALIFICATION..............................39
7.16 INDEMNIFICATION................................................40
7.17 CERTAIN POLICIES OF FABC.......................................41
7.18 DIRECTOR AND VOTING AGREEMENTS.................................41
7.19 PAYMENT OF BONUS...............................................41
7.20 REAL PROPERTY MATTERS..........................................42
7.21 FAIRNESS OPINION...............................................43
7.22 NON-COMPETITION AGREEMENTS.....................................43
7.23 FABC AUDITED FINANCIAL STATEMENTS..............................43
7.24 ALLOWANCE FOR POSSIBLE LOAN LOSSES.............................44
ARTICLE 8 CONDITIONS PRECEDENT TO OBLIGATIONS TO CONSUMMATE............44
8.1 CONDITIONS TO OBLIGATIONS OF EACH PARTY........................44
8.2 CONDITIONS TO OBLIGATIONS OF CCBG..............................45
8.3 CONDITIONS TO OBLIGATIONS OF FABC AND FIRST NATIONAL...........47
-iii-
<PAGE>
TABLE OF CONTENTS
(continued)
Page
ARTICLE 9 TERMINATION..................................................48
9.1 TERMINATION....................................................48
9.2 EFFECT OF TERMINATION..........................................49
9.3 ALTERNATE TRANSACTION..........................................50
9.4 NON-SURVIVAL OF REPRESENTATIONS AND COVENANTS..................50
ARTICLE 10 MISCELLANEOUS................................................50
10.1 DEFINITIONS....................................................50
10.2 EXPENSES.......................................................61
10.3 BROKERS AND FINDERS............................................61
10.4 ENTIRE AGREEMENT...............................................61
10.5 AMENDMENTS.....................................................61
10.6 WAIVERS........................................................62
10.7 ASSIGNMENT.....................................................62
10.8 NOTICES........................................................62
10.9 GOVERNING LAW..................................................63
10.10 COUNTERPARTS...................................................63
10.11 CAPTIONS; ARTICLES AND SECTIONS................................64
10.12 INTERPRETATIONS................................................64
10.13 ENFORCEMENT OF AGREEMENT.......................................64
10.14 ENFORCEMENT COSTS..............................................64
10.15 SEVERABILITY...................................................64
-iv-
<PAGE>
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and entered
into as of February 3, 2005, by and among CAPITAL CITY BANK GROUP, INC., a
Florida corporation ("CCBG"), FIRST ALACHUA BANKING CORPORATION, a Florida
corporation ("FABC"), and FIRST NATIONAL BANK OF ALACHUA, a national bank
("First National").
PREAMBLE
The respective Boards of Directors of CCBG, FABC, and First National are
of the opinion that the transactions described herein are in the best
interests of the parties to this Agreement and their respective shareowners.
This Agreement provides for the acquisition of FABC by CCBG pursuant to the
merger of (i) FABC with and into CCBG (the "Holding Company Merger") and
(ii) First National with and into a Florida chartered bank subsidiary of
CCBG, Capital City Bank ("CCB") (the "Bank Merger") (collectively, the
"Mergers"). At the effective time of the Holding Company Merger, the
outstanding shares of the capital stock of FABC shall be converted into the
right to receive a combination of shares of the common stock of CCBG and cash
as described in this Agreement. As a result, shareholders of FABC shall
become shareowners of CCBG and CCBG shall conduct the business and operations
of First National. The transactions described in this Agreement are subject
to the approvals of the shareholders of FABC, the Board of Governors of the
Federal Reserve System, the Florida Department of Financial Services, and the
satisfaction of certain other conditions described in this Agreement. It is
the intention of the parties to this Agreement that the Mergers, for federal
income tax purposes, shall qualify as a "reorganization" within the meaning
of Section 368(a)(1)(A) of the Code.
Certain terms used in this Agreement are defined in Section 10.1 of this
Agreement.
NOW, THEREFORE, in consideration of the above and the mutual warranties,
representations, covenants, and agreements set forth herein, the parties,
intending to be legally bound, agree as follows:
ARTICLE 1
TRANSACTIONS AND TERMS OF MERGERS
1.1 HOLDING COMPANY MERGER.
---------------------- Subject to the terms and conditions of
this Agreement, at the Effective Time, FABC shall be merged with and into
CCBG in accordance with the provisions of, and with the effect provided in,
Sections 607.1101, 607.1103, 607.1105, 607.1106 and 607.1107 of the FBCA.
CCBG shall be the Surviving Corporation resulting from the Holding Company
Merger and shall continue to be governed by the Laws of the State of Florida.
The Holding Company Merger shall be consummated pursuant to the terms of this
Agreement, which has been approved and adopted by the respective Boards of
Directors of FABC and CCBG.
1
<PAGE>
1.2 BANK MERGER.
----------- Subsequent to the consummation of the Holding
Company Merger, First National shall be merged with and into CCB in
accordance with the provisions of and with the effect provided in Section
658.41 of the Florida Statutes on terms and subject to the provisions of the
Bank Plan of Merger ("Bank Plan"), attached hereto as Exhibit 1. FABC shall
vote the shares of First National Capital Stock in favor of the Bank Plan and
the Bank Merger provided therein.
1.3 TIME AND PLACE OF CLOSING.
------------------------- The closing of the transactions
contemplated hereby (the "Closing") will take place at the close of business
on the date that the Effective Time occurs (or the immediately preceding day
if the Effective Time is earlier than 9:00 A.M.), or at such other time as
the Parties, acting through their authorized officers, may mutually agree.
The Closing shall be held at such location as may be mutually agreed upon by
the Parties or may be conducted by mail or facsimile as may be mutually
agreed upon by the Parties.
1.4 EFFECTIVE TIME.
-------------- The Holding Company Merger and other transactions
contemplated by this Agreement shall become effective on the date and at the
time the Articles of Merger reflecting the Holding Company Merger shall
become effective with the Secretary of State of the State of Florida (the
"Effective Time"). Subject to the terms and conditions hereof, unless
otherwise mutually agreed upon in writing by the authorized officers of each
Party, the Parties shall use their reasonable efforts to cause the Effective
Time to occur within 60 days after the last to occur of (i) the effective
date (including expiration of any applicable waiting period) of the last
required Consent of any Regulatory Authority having authority over and
approving or exempting the Mergers, and (ii) the date on which the
shareholders of FABC and CCBG approve this Agreement to the extent such
approval is required by applicable Law. The actual Effective Time within the
60-day period shall be mutually agreed upon by CCBG and FABC.
1.5 ARTICLES OF INCORPORATION.
------------------------- The Articles of Incorporation of CCBG
in effect immediately prior to the Effective Time shall be the Articles of
Incorporation of the Surviving Corporation until duly amended or repealed.
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