Sandusky-based Civista Bancshares, Inc., and Comunibanc, Corp., parent company of The Henry County Bank, have announced a merger in which Civista will acquire Comunibanc.
The acquisition adds seven branches from Comunibanc in Henry and Wood counties to Civista and will result in a company with a combined assets of $3.3 billion, total net loans of $2.1 billion and total deposits of $2.7 billion.
“We have great admiration and respect for the Civista team and we believe this merger is a great outcome for our shareholders and positions us for continued success,” said Comunibanc Chairman and President Bill Wendt.
“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,” Wendt added.
He also said the professional relationship between the two organizations spans nearly 30 years.
“We have always felt our two organizations share a similar culture and operating philosophy,” Wendt said. “This transaction represents a win-win for all of our stakeholders.”
The agreement has been approved by the boards of directors of both companies and the terms call for each share of Comunibanc common stock to receive 1.1888 shares of Civista common stock and $30.13 in cash.
This implies a deal value of approximately $50.2 million in the aggregate or $60.59 per Cominibanc share.
“We are very excited to welcome Comunibanc’s customers and employees to the Civista family,” said Dennis G. Shaffer, CEO and president of Civista.
“We have known the Comunibanc team for a very long time and have always admired the franchise and their strong and stable presence in their local communities.
“We look forward to collaborating with Comunibanc’s leadership team to grow and enhance their banking platform,” he added. “The current Civista team has significant experience operating in the northwest Ohio market and are very excited to partner with Comunibanc and accelerate growth.”