Crossroads Systems, Inc. (OTCPK:CRSS) reached a definitive agreement to acquire Rice Bancshares, Inc. for $32.5 million on November 18, 2019. The consideration will be paid in cash. There will be preferred and bank common equity issuances to consummate the transaction. The proposed purchase will merge the financial mortgage assets of Capital Plus Financial, Crossroads' subsidiary into The First State Bank with Capital Plus Financial's affordable housing platform contained in a wholly owned community development corporation subsidiary of the bank. The combined entity will, through its regulatory applications, become a CDFI Bank and Minority Depository Institution (MDI).The transaction is subject to customary closing conditions, including the receipt of regulatory approvals and approval of the merger agreement by the shareholders of Rice Bancshares, Inc. The transaction is expected to be immediately accretive. Hunton Andrews Kurth LLP acted as legal advisor to Crossroads while Fenimore, Kay, Harrison & Ford, LLP acted as legal advisor to Rice Bancshares, Inc. Crossroads Systems, Inc. (OTCPK:CRSS) cancelled the acquisition of Rice Bancshares, Inc. on November 18, 2020.