On July 16, 2019, Corporate America Family Credit Union (‘CAFCU’) and Ben Franklin Financial, Inc, the holding company for Ben Franklin Bank of Illinois, announced that CAFCU, Ben Franklin Financial and Ben Franklin Bank have signed a definitive purchase and assumption agreement whereby CAFCU will acquire the assets and assume the liabilities of Ben Franklin Bank in an all-cash transaction. The Company stated that 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. In addition, the Company stated that the transaction has been approved by the board of directors of each party and is expected to close in early 2020.