Zanesville, Ohio-based North Valley Bancshares is acquiring Somerset, Ohio-based Commodore Financial Network in an all-cash deal.
The acquisition is expected to close in either the second or third quarter of this year. Financial terms have not been announced.
North Valley Bancshares is the parent company of North Valley Bank. Commodore Financial Network is the holding company of $89 million, Somerset, Ohio-based Commodore Bank. The acquired branches will operate as branches of North Valley Bank.
North Valley Bank President & CEO Jim Nicholson said the acquisition will allow the bank to strengthen its presence in the Buckeye Lake region. He called the deal “a significant milestone in our journey of growth and commitment to serving local communities. This combination aligns perfectly with our vision of expanding our footprint and enhancing our ability to deliver exceptional financial services to even more individuals and businesses.”
Charles Moore, president and CEO of Commodore Bank and Commodore Financial Network, said his company started searching for a partner last year. He called North Valley Bank “the ideal choice to preserve our commitment to the community banking values we maintain while moving forward in today’s complex business environment.”
Inverness, Ill.-based Hovde Group LLC served as financial adviser and Vorys, Sater, Seymour and Pease LLP, Columbus, Ohio, provided legal counsel to North Valley Bancshares. Grosse Pointe Woods, Mich.-based Donnelly Penman & Partners, Inc., acted as financial adviser and Dinsmore & Shohl LLP, Cincinnati, served as legal counsel to Commodore Financial Network.