Marblehead, Ohio-based Marblehead Bancorp plans to merge with Defiance, Ohio-based SB Financial Group later this year in a $5 million deal.
Under the agreement, Marblehead Bancorp subsidiary The Marblehead Bank will merge into SB Financial subsidiary The State Bank and Trust Co.
The merger is expected to close in the fourth quarter of this year and add three branches to The State Bank and Trust’s footprint in Northwest Ohio. The combined company will have $1.4 billion in assets, $1.1 billion in loans and $1.2 billion in deposits. The $1.3 billion State Bank and Trust has 23 branches, 22 of which in Ohio and one in Fort Wayne, Ind.
“Both banks share a rich past, a strong brand and are deeply committed to their employees, their customers and the communities they serve,” said SB Financial President and CEO Mark Klein. “As a community bank, we also share similar values.”
Deborah Stevens, interim president of Marblehead Bank, said the merger “is beneficial to the shareholders, customers and communities served by Marblehead Bank. We have great admiration and respect for the State Bank team, and we believe this merger is a great outcome for our shareholders and positions our employees and customers for continued success.”
Columbus, Ohio-based Vorys, Sater, Seymour and Pease LLP is serving as legal counsel to SB Financial. Philadelphia-based Janney Montgomery Scott is serving as financial adviser to Marblehead Bancorp and provided a fairness opinion to its board. Toledo, Ohio-based Shumaker, Loop & Kendrick LLP is serving as legal counsel to Marblehead Bancorp.
