On April 1, 2020, Reliant completed its previously announced acquisition of First Advantage Bancorp (“First Advantage”) solidifying its position as the 4th largest community bank by assets headquartered in the Nashville-Davidson–Murfreesboro–Franklin, TN Metropolitan Statistical Area.
At the effective time of the transaction, each outstanding share of First Advantage common stock was converted into the right to receive $3.00 in cash (without interest) and 1.17 shares of Reliant common stock, together with cash (without interest) in lieu of any fractional share of Reliant common stock in an amount calculated by multiplying the fractional share amount by $11.74.
Reliant has engaged Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”) to serve as exchange agent for the exchange of shares of First Advantage common stock for the transaction consideration. In mid-April 2020, Broadridge mailed instruction packages including Letters of Transmittal to each registered First Advantage shareholder. In order to receive the transaction consideration, shareholders must complete their provided Letter of Transmittal as to all shares of First Advantage common stock they hold in book-entry form or that are represented by physical stock certificates and return the Letter of Transmittal, together with all physical stock certificates for First Advantage common stock that they hold, to Broadridge at the address indicated in the Letter of Transmittal. If First Advantage stock certificate(s) have been lost, stolen, or destroyed, shareholders will need to follow the instructions contained in the Letter of Transmittal in order to complete the exchange process.
After shareholders have completed all steps necessary to exchange their First Advantage shares for the transaction consideration, Broadridge will open an account for them on Reliant’s book-entry system and will deliver to shareholders evidence of their ownership of Reliant common stock and a check for the amount of cash to which they are entitled. Shares of Reliant common stock issued as consideration for the transaction will not be represented by physical certificates. Brokers may contact Broadridge to have Reliant shares moved to a personal brokerage account through a Direct Registration System (DRS) transfer. Shareholders should retain the book-entry statement delivered to them by Broadridge; brokers will need this information to complete a transfer to a brokerage account.
It is important that shareholders complete the exchange process as soon as possible. Until shareholders properly complete the exchange process, they will not receive their transaction consideration and will not be entitled to vote or receive any dividends or other distributions (if any) paid on the Reliant common stock to which they are entitled. If shareholders have any questions about completing the Letter of Transmittal or surrendering their stock certificate(s), please contact Broadridge at (877) 456-5593.
We value our shareholders’ investments in our company, and it is with great enthusiasm that we welcome First Advantage shareholders to the Reliant family.