Under the terms of the agreement, First Citizens has agreed to pay $23.50 in cash for each outstanding share of TCNB common stock for a total cash consideration of about $17.2 million. First Citizens expects this acquisition to be accretive to earnings in 2015 and have a tangible book value earn-back of about 3.5 years.
The transaction is subject to regulatory shareholder approval, and is expected to close in the first quarter of 2015. At that time Citizens National’s three offices will become branches of the Citizens Banking Co.
“We believe our merger with an outstanding community bank such as First Citizens will be beneficial for our customers and community,” said Sebastian Melluzo, TCNB president and chief executive, in a statement.
“Our customers will gain access to a greater array of products and services, including investment management, trust and more commercial banking products, while continuing to see the same high level service they have come to expect. In addition, we will have a significantly larger lending limit, which will allow us to invest even more in our local communities,” Melluzo said.
On June 30, TCNB had total assets of $105 million, total loans of $75 million and total deposits of $93 million.
First Citizens Banc Corp. is a $1.2 billion financial holding company headquartered in Sandusky. The company’s banking subsidiary, the Citizens Banking Co., operates 24 locations in central and north central Ohio, and markets itself as Champaign Bank and Citizens Bank.
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