Best Hometown Bancorp Shareholders Approve Merger with First Waterloo Bancshares

COLLINSVILLE, Ill., Dec. 26, 2019 (GLOBE NEWSWIRE) -- Best Hometown Bancorp, Inc. today announced that its shareholders voted to approve the merger of Best Hometown Bancorp, Inc. with First Waterloo Bancshares, Inc. at its annual meeting held December 19, 2019 in Collinsville, Illinois. 

At the meeting, shareholders approved the following proposals:

• The election of three directors: LaMont K. Docter, Stephen G. Eovaldi, and Ronnie R. Shambaugh;
• The ratification of the appointment of BKD, LLP as the independent registered public accounting firm for the year ending December 31, 2019;
• The approval and adoption of the Agreement and Plan of Merger, dated October 8, 2019, by and among First Waterloo Bancshares, Inc., First Waterloo Merger Inc., and Best Hometown Bancorp, Inc., as the same may be amended from time to time.

“We are thrilled with the outcome of the annual meeting and thank our shareholders for their support in approving these proposals,” said Ron Shambaugh, President & CEO of Best Hometown Bancorp, Inc. and its subsidiary depository institution, Best Hometown Bank.  “We look forward to offering our customers an expanded suite of products and services,” said Shambaugh.

More than 80% of the shares voted at the annual meeting in favor of the merger agreement with First Waterloo Bancshares. The final vote results will be certified by an independent Inspector of Election.

The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions and regulatory approvals.  Shareholders will receive information regarding how to submit shares for the merger consideration immediately after the merger closes.

About Best Hometown Bancorp, Inc.

Best Hometown Bancorp is the parent company of Best Hometown Bank. The bank was first chartered as Home Federal Savings and Loan Association of Collinsville in 1887, and successfully completed a mutual to stock conversion in June 2016. Best Hometown Bank has two locations, 100 E Clay St., Collinsville, IL, and 2110 N Center, Maryville, IL which provide full financial services to the surrounding areas of Madison and St. Clair County.  Best Hometown Bancorp, Inc. stock is traded in the OTC Pink Sheets under the symbol "BTHT". For OTC Pink Current Information, please visit .

Not an Offer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any state or jurisdiction.

Forward-Looking Statements. This press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements, including as a result of factors outside First Waterloo Bancshares, Inc.’s or Best Hometown Bancorp, Inc.’s, control, such as economic and other conditions in the markets in which the companies and their subsidiary banks operate; inability to complete the transaction announced today or delays in completing the transaction; managements’ ability to effectively execute their respective business plans; inflation, interest rate, cost of funds, securities market and monetary fluctuations; changes in laws and regulations; and competition. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Contact: Gary D. Hemmer

President & CEO

First National Bank of Waterloo

First Waterloo Bancshares, Inc.

618-939-6194

Contact: Ron Shambaugh

President & CEO

Best Hometown Bank

Best Hometown Bancorp, Inc.

618-345-1121