Business
Civista Bancshares, Inc. To Acquire Comunibanc Corp.
SANDUSKY, Ohio and NAPOLEON, Ohio, Jan. 10, 2022 /PRNewswire/ -- Sandusky, Ohio based Civista Bancshares, Inc. ("Civista") (NASDAQ: CIVB) and Comunibanc
About this update from Civista Bancshares, Inc.
[{"type":"text","content":"SANDUSKY, Ohio and NAPOLEON, Ohio, Jan. 10, 2022 /PRNewswire/ -- Sandusky, Ohio based Civista Bancshares, Inc. (\"Civista\") (NASDAQ: CIVB) and Comunibanc Corp., the parent company of The Henry County Bank (\"Comunibanc\" or \"CBCZ\") (OTCPK: CBCZ), today announced the signing of a definitive merger agreement pursuant to which Civista will acquire Comunibanc. Based on financial data as of September 30, 2021, the combined company would have total assets of approximately $3.3 billion, total net loans of approximately $2.1 billion and total deposits of approximately $2.7 billion. \n\n \n \n \n \n \n \n\n \nThe acquisition of Comunibanc will add 7 branches in Henry and Wood Counties in Northwest Ohio and approximately $276 million in low-cost core deposits. As of September 30, 2021, Comunibanc also reported total assets of $329 million and total loans of $165 million. This acquisition will allow Civista to bring its enhanced commercial lending platform to Comunibanc's strong markets and deploy Comunibanc's excess liquidity position with its 60% loan-to-deposit ratio. With the Northwest Ohio market, the Toledo MSA is the fifth largest market in Ohio with over $17 billion in deposits and is the second fastest growing major Ohio MSA. \n\"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. The current Civista team has significant experience operating in the Northwest Ohio market and are very excited to partner with Comunibanc and accelerate growth.\" \n\"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,\" stated Bill Wendt Chairman and President of Comunibanc. \"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. Our relationship with Civista's management team is long-dated...