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EXHIBIT 99.2
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FOR IMMEDIATE RELEASE
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CONTACT - CGB&L FINANCIAL GROUP, INC.
MARALYN F. HECKMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
(217) 763-2911
January 12, 2001
CGB&L FINANCIAL GROUP, INC.
ENTERS INTO LETTER OF INTENT
TO BE ACQUIRED
Cerro Gordo, Illinois-Maralyn F. Heckman, President and Chief Executive
Officer of CGB&L Financial Group, Inc., the parent company of Cerro Gordo
Building & Loan, sb today announced that CGB&L had signed a non-binding letter
of intent to be acquired by a company controlled by David Movtady. CGB&L will be
acquired for cash with each stockholder of CGB&L expected to receive
approximately $23.00 per share.
The letter of intent is non-binding in nature and is subject to the satisfactory
completion of due diligence and the execution of a mutually acceptable
definitive agreement within thirty (30) days. If a definitive agreement is
executed, it will be subject to regulatory and CGB&L stockholder approval and
other conditions.
Ms. Heckman stated that the transaction provides Cerro Gordo Building &
Loan greater flexibility in responding to the changing financial environment.
She added that the price represents more than a 100% increase in the value of
CGB&L shares in just over two (2) years since the company converted from a
mutual to stock form.
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