Nothing happens to the legacy shares of ACBC if a merger were to take place. You will see dilution but the shares remain intact.
The banks haven't officially said yet that they intend to do a reverse merger...however there really wouldn't be much point in OPCB buying 90% of ACBC if they didn't have a R/M in mind.
Both of these banks need "help" ...aside from a straight cash infusion (which would be the best form of help) they can also help each other out by consolidating.
That consolidation would give them further options down the road to find additional help if needed.
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