February 7, 2020 — SB Financial Group, Inc. (NASDAQ:SBFG) and Edon Bancorp, Inc. have announced a definitive agreement to merge their Ohio-based holding companies and subsidiary banks.
The merger of SB Financial Group, Inc., parent company of State Bank and Trust Company, and Edon Bancorp, Inc., parent company of The Edon State Bank Company, is expected to close in the second quarter of 2020. After completion of the merger, the combined firm is expected to have $1.1 billion in assets.
Shareholders of Edon Bancorp will receive $103.50 cash in exchange for each share of Edon Bancorp common stock for a transaction valued in aggregate at approximately $15.5 million. This represents approximately 135% of Edon Bancorp’s tangible book value per share as of December 31, 2019.
“We’re excited to welcome Edon State Bank to the State Bank family,” said State Bank President and CEO Mark Klein. “Both banks are deeply committed to their employees, their customers, and the communities they serve. We also share similar values of developing authentic relationships with customers, and being their trusted financial advisor.”
More information is available here.
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