Business
Civista Bancshares, Inc. Completes Acquisition of Comunibanc Corp.
SANDUSKY, Ohio, July 1, 2022 /PRNewswire/ -- Civista Bancshares, Inc. ("Civista") (NASDAQ: CIVB) today announced it has completed its acquisition of
About this update from Civista Bancshares, Inc.
[{"type":"text","content":"SANDUSKY, Ohio, July 1, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (\"Civista\") (NASDAQ: CIVB) today announced it has completed its acquisition of Comunibanc Corp. (\"Comunibanc\"), and its wholly-owned subsidiary The Henry County Bank, effective as of July 1, 2022. The transaction brings Civista's total assets to approximately $3.5 billion, based on information as of March 31, 2022. In exchange for each share of Comunibanc common stock issued and outstanding, Comunibanc shareholders will receive 1.1888 shares of Civista common stock and $30.13 in cash.\n\n \n \n \n \n \n \n\n \n\"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. 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,\" said Dennis G. Shaffer, CEO and President of Civista.\n\"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,\" stated Bill Wendt, Chairman and President of 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.\"\nFORWARD-LOOKING STATEMENTSThis press release contains \"forward-looking statements\" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the merger transaction with Comunibanc, any statements of the plans and objectives of management for future operations, products or services, any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as \"believe,\" \"expect,\" \"anticipate,\" \"intend,\" \"seek\", \"plan\", \"will\", \"would...