DMG Bancshares, Inc. signed a definitive merger agreement to acquire Liberty Bancorp (South San Francisco, CA) (OTCPK:LIBC) for $34.1 million on February 28, 2022. DMG will acquire Liberty in an all-cash transaction with a base consideration of approximately $31.2 million, or $35.19 per Liberty share for all Liberty shareholders. In addition to the base consideration, cash consideration of up to approximately $2.9 million, or $3.31 per Liberty share, for all Liberty shareholders, may become payable to Liberty shareholders at or following the closing depending on the occurrence of certain events. The merger is subject to regulatory approvals, approval by Liberty shareholders, and certain other customary closing conditions. The definitive merger agreement has been unanimously approved by the boards of directors of both DMG and Liberty. The transaction is expected to close in the summer of 2022. Piper Sandler & Co. served as financial advisor and provided a fairness opinion to Liberty's board, and Aldrich & Bonnefin, PLC served as legal counsel to Liberty. Skadden, Arps, Slate, Meagher & Flom LLP Brain Christiansen served as legal counsel to DMG.

DMG Bancshares, Inc. completed the acquisition of Liberty Bancorp (South San Francisco, CA) (OTCPK:LIBC) on August 12, 2022.