CNB acquires FC Bank for $40M
CNB Financial Corp., the parent company of CNB Bank, has acquired FC Banc Corp. and its subsidiary, The Farmers Citizens Bank (“FC Bank”).
The deal is for $30 per share in cash and stock, or approximately $40.4 million in the aggregate. Headquartered in Bucyrus, Ohio, FC Banc Corp. had approximately $367 million in total assets and $34.2 million in shareholders’ equity as of Dec. 31 and had net income of $3.5 million for the year ended Dec. 31.
FC Bank serves markets in northern Ohio and parts of greater Columbus with eight branch locations, including a presence in Indiana County.
Following completion of the merger, FC Bank will operate as a separate and distinctly branded division of CNB Bank, with local decision making and oversight, with most customer-facing personnel largely unaffected.
Coleman Clougherty, president and CEO of FC Banc Corp., will continue with Clearfield-based CNB after the merger.
Under the terms of the agreement, which has been approved by the boards of directors of both companies, shareholders of FC Banc Corp. will be entitled to receive either a fixed exchange of 1.754 shares of CNB common stock for each share of FC Banc Corp. common stock, which is based on a 10-day average closing price of CNB common stock as of March 25 of $17.106 per share, or $30 per share in cash, with at least 80 percent of the consideration to be paid in the form of CNB common stock.
The combined company will have approximately $2.2 billion in assets and 37 offices in Pennsylvania and Ohio.