Nmb Financial Corp (OTCPK:NMBF) entered in to a Letter of Intent to acquire Noah Bank for $29.4 million on April 13, 2022. The value that would be delivered to Noah shareholders would be approximately $6.95 per share, based upon Noah having 4.235 million shares outstanding. It is anticipated that the Department of Treasury will be investing $75.1 million in preferred stock of NMB Financial Corporation. NMB plans to utilize a portion of the capital received to undertake the acquisition of Noah. As part of the Letter of Intent, NMB has notified the Board of Directors of Noah that it has communicated with the regulatory agencies of its desire to move forward with the acquisition and deliver a definitive agreement, as well as complete due diligence, in 30 days or less upon the execution of the Letter of Intent. The transaction does not require the approval of the NMB shareholders but would require the approval of two-thirds of the outstanding shares of Noah. The transaction is also subject to regulatory approval and normal and customary closing conditions. The Boards of Directors of NMB have unanimously approved moving forward with the Letter of Intent and it is hopeful that the acquisition can be completed in third quarter of 2022.