Civista Bancshares (Civista) has signed a definitive agreement to acquire Comunibanc Corp., the parent of the Henry County Bank (Comunibanc) for $50.2m.
The deal, which awaits regulatory approval, will create a merged entity with nearly $3.3bn in assets, $2.1bn in loans and $2.7bn in deposits as of 30 September 2021.
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Under the terms of the agreement, for each share of Comunibanc common stock, Civista will offer 1.1888 shares of its common stock and $30.13 in cash.
Civista CEO and president Dennis Shaffer said: “We look forward to collaborating with Comunibanc’s leadership team to grow and enhance their banking platform. The current Civista team has significant experience operating in the Northwest Ohio market and are very excited to partner with Comunibanc and accelerate growth.”
Comunibanc brings seven branches in Henry and Wood Counties in Northwest Ohio. It has reported $329m in assets and $165m in total loans as of 30 September 2021.
The deal will allow Ohio-based Civista to offer commercial lending to Comunibanc’s markets and use its excess liquidity position with its 60% loan-to-deposit ratio.
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By GlobalDataComunibanc chairman and president Bill Wendt said: “We believe partnering with Civista will provide us the enhanced capacity to deliver the products and services sought by our customers and will accelerate the commercial loan production efforts that we have undertaken in the Northwest Ohio market.”
The merger, which will see Comunibanc directors join Civista’s board of directors, is expected to complete in the second quarter of 2022.
