Powell, Ohio-based Buckeye State Bank is acquiring Columbus, Ohio-based First City Bank. The transaction is expected to close in the fourth quarter.
As of March 31, First City had approximately $73 million in total assets and $64 million in total deposits. Chartered as Citizens Bank of DeGraff in 1885 and acquired by a group of local investors in 2014, Buckeye State Bank has grown quickly since then, to approximately $263 as of March 31.
“As an employee-owned community bank, we believe this is a rare opportunity to acquire a like-minded financial institution for the benefit of our communities and our shareholders,” said Buckeye State Bank CEO Shawn Keller. “Along with Buckeye’s employees, First City’s employees have a strong commitment to serving their community by taking local deposits and lending them to local consumers and businesses.”
For Buckeye State Bank, Performance Trust, Chicago, acted as financial adviser and Dinsmore & Stohl LLP, Cincinnati, acted as legal counsel. For First City, Keller and Co. acted as financial adviser and Becker & Lilly, Dublin, Ohio, was legal counsel.