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Stock Market & Financial Investment News

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June 3, 2014
09:07 EDTPFSProvident announces Team Capital merger consideration election results
Provident Financial announced the results of elections made by stockholders of Team Capital Bank as to the form of merger consideration to be received in the May 30 merger of Team Capital with and into The Provident Bank, the banking subsidiary of Provident. Under the terms of the Agreement and Plan of Merger dated December 19, 2013, 75% of Team Capital common shares were to be converted into Provident common stock and the remaining 25% were to be converted into cash. Team Capital's stockholders were given the option to receive either 0.8575 shares of Provident common stock, $16.25 in cash, or a combination of Provident common stock and cash for each Team Capital common share owned, subject to proration to ensure that in the aggregate 75% of Team Capital shares would be converted into Provident common stock. No fractional shares of Provident common stock shall be issued. In lieu of such fractional shares, Provident will pay to each former holder of Team Capital common stock an amount in cash without interest, equal to $16.81
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