Business
SB Financial Announces Completion of Merger with Edon State Bank
DEFIANCE, Ohio, June 5, 2020 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial"), parent company of State Bank and Trust Company ("State
About this update from Sb Financial Group, Inc.
[{"type":"text","content":"DEFIANCE, Ohio, June 5, 2020 /PRNewswire/ -- SB Financial Group, Inc. (NASDAQ: SBFG) (\"SB Financial\"), parent company of State Bank and Trust Company (\"State Bank\"), announced today the successful closing of the previously announced merger with Edon Bancorp, Inc. (Private) (\"Edon Bancorp\"), parent company of The Edon State Bank Company of Edon, Ohio (\"Edon State Bank\"). The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks in accordance with the terms of the previously announced agreement.\n\"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,\" said Mark A. Klein, State Bank Chairman, President and CEO. \"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.\" \nUnder the terms of the merger agreement, shareholders of Edon Bancorp received $103.50 in cash in exchange for each share of Edon Bancorp common stock for a transaction valued in aggregate at approximately $15.5 million. The consideration represented approximately 135% of Edon Bancorp's tangible book value per share as of December 31, 2019. \nWith this merger, SB Financial expands its presence throughout the growing and vibrant Northwest Ohio region and offers new opportunities in Edon, Ohio. The combined company has approximately $1.1 billion in assets as a result of the merger.\nJANNEY MONTGOMERY SCOTT LLC served as financial advisor to SB Financial, and Hogan Lovells US LLP served as its legal counsel. Donnelly Penman served as financial advisor to Edon Bancorp and provided a fairness opinion to its Board of Directors. Howard & Howard served as Edon Bancorp's legal counsel.\nForward-Looking Statements \nCertain statements within this document, which are not statements of historical fac...