CMUV Bancorp, Inc. has reached a significant milestone as its shareholders voted in favor of the proposed sale of assets and assumption of liabilities to Frontwave Credit Union, marking a pivotal step towards the company's dissolution. This decision, made during a Special Meeting on July 15, 2025, underscores the shareholders' endorsement of the Transaction, which is detailed in the Proxy Statement distributed on June 5, 2025.
The Transaction is anticipated to conclude around September 30, 2025, pending the receipt of all necessary regulatory approvals. Shareholders are expected to receive cash distributions of approximately $25.00 per share, distributed in multiple installments. The first distribution will follow the closing of the Transaction, specifically targeting shareholders who have adhered to the transmittal procedures.
Shareholders are urged to locate their stock certificates if held directly through Computershare, as these will be required to receive distributions. Those unable to find their certificates are advised to contact Monica Garcia promptly. Conversely, shareholders holding shares via 'book entry' or through a broker are exempt from this requirement.
In the forthcoming weeks, Computershare, serving as the Company's exchange agent, will dispatch transmittal materials and instructions to shareholders. Prompt submission of these materials is crucial to avoid delays in distribution. Additionally, CMUV Bancorp has announced that third-quarter dividends for 2025 will not be issued separately but will instead be incorporated into the total distribution amount to shareholders.
This development is significant as it not only affects the shareholders of CMUV Bancorp but also signals a notable shift in the banking and credit union landscape, potentially influencing similar institutions considering mergers or acquisitions. The approval of the Transaction by CMUV Bancorp's shareholders reflects a strategic move towards consolidation in the financial sector, with implications for customer service, operational efficiencies, and market competition.
