Civista Bancshares closes $50.2m acquisition of Ohio rival Comunibanc

Civista Bancshares, the parent company of Civista Bank, has wrapped up the previously announced $50.2 million acquisition of Ohio-based bank holding company Comunibanc Corp. and its fully-owned subsidiary, The Henry County Bank.

The stock and cash deal was announced in January 2022.

As per the terms of the deal, Comunibanc’s shareholders will be issued 1.1888 shares of Civista Bancshares plus $30.13 in cash for each of the shares they hold in Comunibanc.

Bill Wendt — Comunibanc Chairman and President said: “After seeing our teams work together over the past several months in preparation of bringing our organizations together, I am more convinced than ever that Civista is the right partner for Comunibanc.

“We continue to believe that this merger is a great outcome for our customers, communities, employees and shareholders and positions us for continued success.”

Civista Bancshares closes $50.2m acquisition of Ohio rival Comunibanc. Photo courtesy of Tumisu/Pixabay.

The deal expands the total assets of Civista Bancshares to nearly $3.5 billion, based on information as of 31 March 2022.

Comunibanc brings with it seven branches located across Henry and Wood Counties in Northwest Ohio.

Dennis G. Shaffer — Civista Bancshares CEO and President said: “We are very pleased to complete this transaction, which expands our presence in Henry and Wood Counties in Northwest Ohio. We are also excited to welcome Comunibanc’s customers and employees to the Civista family.

“We look forward to collaborating with Comunibanc’s team to grow and enhance their banking platform while maintaining strong ties to their communities. We believe the long-term growth potential of this partnership offers substantial upside for shareholders of both organizations.”