Ohio’s North Valley Bank has agreed to buy two branches from The Ohio Valley Bank, Gallipolis.
The branches are in Mount Sterling and New Holland, Ohio, and come with $26.4 million in deposits. North Valley is paying a 5 percent deposit premium, and the deal is expected to close in the second half of the year.
“This transaction fits our strategic focus of enhancing our presence in central Ohio and is the continuation of our expansion around our current small business lending team in Columbus,” said Jim Nicholson, president and CEO of Zanesville-based North Valley. “We are excited to bring our personalized and relationship based banking model to these communities.”
The $211 million North Valley currently has five branches and one office for Small Business Administration loans.
Boenning & Scattergood, Inc. and Vorys, Sater, Seymour and Pease LLP are acting as financial advisor and legal advisor to Ohio Valley, respectively. North Valley is being represented by the law firm of Dinsmore & Shohl LLP.