Ohio-based, Civista, has confirmed it is set to acquire Comunibanc for approximately $50.2 million.
As a result of the acquisition, seven branches will be added in the Henry and Wood counties in Northwest Ohio and approximately $276 million will be added in low cost-core deposits.
Dennis G Shaffer, CEO and president of Civista, 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."
The acquisition combines Civista’s commercial lending platform with Comunibanc’s markets and will allow the deployment of Comunibanc’s excess liquidity.
In line with terms of the merger agreement, directors of Comunibanc have agreed to vote all Comunibanc shares that they own in favor of the of the merger. Also, one of the Comunibanc directors will join the Civista Bank board of directors.
“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.” added Bill Wendt, chairman and president of Comunibanc.
“Our relationship with Civista's management team is long dated going back nearly thirty years and we have always felt our two organizations share a similar culture and operating philosophy. This transaction represents a win-win for all of all our stakeholders.”