Evans Bancorp, Inc. ("Evans") (NYSE American: EVBN) and FSB Bancorp, Inc. ("FSB") (Nasdaq: FSBC), jointly announced the execution of a definitive merger agreement whereby Evans will acquire FSB for $17.80 per share for total consideration of approximately $34.7 million. The transaction is proposed to be comprised of 50% stock and 50% cash. Unanimously approved by the Boards of Directors of each company, the transaction is expected to close in the second quarter of 2020, subject to the satisfaction of customary closing conditions, including regulatory approval and FSB stockholder approval

A 30% gain for us and we are delighted to take shares of Evans Bancorp as a long term holding.