Community Financial Acquires ClearPoint Bank for $40 Million
Community Financial has entered into an agreement to acquire ClearPoint Federal Bank & Trust. The transaction expands the revenue and offerings of Nottingham Financial Group, CFSI's wealth management services business. ClearPoint has over $1.5B of assets under management and 3-year revenue CAGR of 8.8%. The all-cash transaction is valued at $40M, subject to potential purchase price adjustment. The consummation of the transaction is subject to receipt of the shareholder approval of ClearPoint and requisite regulatory approval and other customary closing conditions. CFSI expects the transaction to close in Q2.
