Civista Bancshares in Sandusky, Ohio, is expanding in the northwestern part of the Buckeye State with a deal to buy the parent company of The Henry County Bank for roughly $50.2 million.
The $3 billion-asset Civista will add seven branches and expand its commercial banking business into the Toledo market. Comunibanc Corp., the $329 million-asset parent of The Henry County Bank, has roughly $276 million in core deposits and $165 million in total loans.
The acquisition, announced Monday, is being made with a combination of a stock exchange and cash. The two companies expect the deal will close in the second quarter and result in a $3.3 billion-asset company.
Civista intends to work with the Comunibanc team to “accelerate growth” in its new market, Civista CEO Dennis Shaffer said in a press release. Civista's commercial and industrial loans of $269.1 million at the end of September were down from $425 million at the same time the year before, according to Federal Deposit Insurance Corp. data.
“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,” Shaffer said.
Comunibanc Chairman and President Bill Wendt said in the same release that management teams at the two banks have partnered for nearly three decades and the merger deal will “accelerate the commercial loan production efforts that we have undertaken in the Northwest Ohio market.”
Civista’s financial advisor on the deal was Stephens. Dinsmore & Shohl provided legal advice. ProBank Austin was Comunibanc’s financial advisor, while Shumaker, Loop & Kendrick provided legal help.
