Corporate America Family Credit Union signed a definitive agreement to acquire assets and liabilities of Ben Franklin Financial, Inc. (OTCPK:BFFI) on July 16, 2019. Following the completion of this transaction, the existence of Ben Franklin Bank and Ben Franklin Financial will end and their remaining assets, after all obligations are settled, will be distributed to the Ben Franklin Financial stockholders. Ben Franklin Financial, Inc. stockholders are estimated to receive between $10.33 and $10.7 in cash consideration for each share held. The per share consideration is subject to significant variation based on various items, such as, Ben Franklin Bank of Illinois' ability to meet a minimum equity target at closing; the regulatory treatment of and costs associated with the liquidation accounts maintained by Ben Franklin Financial, Inc. and Ben Franklin Bank of Illinois; the amount of cash held by Ben Franklin Financial, Inc. at closing; costs related to terminating the existence of Ben Franklin Bank of Illinois and Ben Franklin Financial, Inc. and distributing the remaining assets to stockholders; and future operating results. The distribution of cash to Ben Franklin Financial, Inc. stockholders is expected to occur within several months after completion of the sale of assets to Corporate America Family Credit Union. Both banking locations of Ben Franklin Bank of Illinois, Arlington Heights and Rolling Meadows, will continue to operate as and become branches of Corporate America Family Credit Union after the completion of the transaction. The transaction is subject to approval of stockholders of Ben Franklin Financial, Inc., regulatory approvals, and if required, approval of the depositors of Ben Franklin Bank of Illinois, Federal Deposit Insurance Corporation, the Illinois Department of Financial and Professional Regulation, the National Credit Union Administration and the Office of the Comptroller of the Currency. The transaction has been unanimously approved by the Board of Directors of Corporate America Family Credit Union and Ben Franklin Financial, Inc. On February 18, 2020, the transaction was approved by shareholders of Ben Franklin Financial, Inc. On March 25, 2020, Ben Franklin Financial received approval from Federal Reserve Bank of Chicago. Ben Franklin Financial also received confirmation that the organization’s liquidation account must be paid out to certain holders of liquidation account rights in the transaction. As of March 30, 2020, the closure of the sale transaction still remains subject to the receipt of required approvals from the Federal Deposit Insurance Corporation, the Illinois Department of Financial and Professional Regulation, the National Credit Union Administration and the Office of the Comptroller of the Currency. The transaction is expected to close in early 2020. As of March 27, 2020, the transaction is expected to close in the second quarter of 2020. Robert Kotecki, Managing Director, FIG Group, and Jason Werner, Director, FIG Group of Janney Montgomery Scott LLC acted as financial advisor and Kip A. Weissman, Michael J. Brown and Beverly J. White of Luse Gorman, P.C acted as legal advisor for Ben Franklin Financial, Inc. Howard & Howard Attorneys PLLC acted as legal advisor for Corporate America Family Credit Union. Charley McQueen and Dan Martin of McQueen Financial Advisors acted as financial advisors for Corporate America Family Credit Union. Corporate America Family Credit Union completed the acquisition of assets and liabilities of Ben Franklin Financial, Inc. (OTCPK:BFFI) on April 30, 2020.