Civista Bancshares closes $50.2m acquisition of Ohio rival Comunibanc

TAGS

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.

See also  CTSI to acquire central station alarm service provider AFA Protective Systems

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

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.

See also  Farfetch to acquire US online luxury fashion retailer Violet Grey

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.

See also  Ardent phase 2b clinical trial of IMR-687 : Imara wraps up patient enrollment

“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.”

CATEGORIES
TAGS
Share This