SB Financial has announced that the company has successfully merged with the Edon State Bank. The proposed merger was unanimously approved by the Executives and Board of Directors of both the banks and their subsidiaries.
Under the merger, all the shareholders of the Edon State Bank will receive the $103.50 in cash in exchange for all its shares in common stock. The company has got approximately transaction value up to $15.5 million. After the merger, SB Financial expanded its presence throughout the lucrative market of the Ohio and Northwest Ohio region. Both the companies have assets valued about $1.1 billion after the merger.
During the merging process between both the Banks, the Hogen Lovells US LLP served as the legal counsel and Janney Montgomery Scott LLC served as the financial advisor to SB Financial. Whereas, the Donnelly Penman served as the financial advisor to the Edon State Bank to provide legal advice to the bank during the merger.
Chief Executive Officer, President and State Bank Chairman, Mark A. Kelin said, “We would like to extend a warm welcome to all the stakeholders of Edon State Bank; this includes the staff, clients, community and prior stockholders of Edon State Bank. Each of our banks has been deeply committed to these stakeholders and this merger will only serve to strengthen those ties and commitments.”
“We are encouraged with the closing of this transaction and look forward to further promoting the unison of two strong community bank brands now under one umbrella as State Bank. With the joint operation of our companies, we enable our customers across all of our markets access to a wide range of financial products and services, including the personalized attention they expect from their community bank,”” Mark Klein further added in his statement.