LCNB Corp, the holding company for LCNB National Bank, has agreed to acquire Columbus First Bancorp, the holding company for Columbus First Bank, in an all-stock transaction valued at $66.9m.

Columbus First manages one full-service branch office in Worthington, Ohio and has about $333.4m in assets, $290.5m in loans, $269.9m of deposits and $32.3m in consolidated equity as of 30 September 2017.

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The acquisition is expected to boost LCNB’s presence in the Columbus market. At present, LCNB operates a loan production office in the Columbus market, which was launched in June 2017.

LCNB and its wholly-owned subsidiary LCNB National Bank president and CEO Steve Foster said: “The combining of our two institutions will create more benefits, financial products and opportunities for Columbus First customers, and the Greater Columbus market.

“We believe that the Columbus market is one of the most attractive markets in the Midwest, and this transaction should enhance LCNB’s long-term profitability metrics and earnings growth rate.”

After merger, John Smiley, currently president and chief lending officer of Columbus First and Columbus First Bank, will join LCNB as executive vice president and Columbus market president.

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Additionally, the LCNB board of directors will appoint Rhett Huddle, chairman and CEO of Columbus First and Columbus First Bank, and another Columbus First board member to the boards of LCNB and LCNB National Bank.

Upon completion of transaction, the combined entity will have about $1.65bn in assets and 35 bank branches in Ohio.

The transaction is likely to conclude during the second quarter of 2018, subject to customary regulatory approvals.