Civista Bancshares in Sandusky, Ohio, has agreed to buy United Community Bancorp in Lawrenceburg, Ind.
The $1.5 billion-asset Civista said in a press release Monday that it will pay $114.4 million for the $600 million-asset United. The deal is expected to close in the third quarter.
United has eight branches, including five around Cincinnati.
United “has maintained a strong and stable presence in their local communities for over 100 years,” Dennis Shaffer, Civista’s president and CEO, said in the release. “We look forward to collaborating with United’s leadership team to grow and enhance their banking platform while maintaining strong ties to their community.”
Michael McLaughlin, United’s chief operating officer, will become a market executive, while Mark Sams, the seller’s chief credit officer, will continue to lead commercial lending efforts in the area. Two United directors will join Civista’s board.
The acquisition is expected to be immediately accretive to Civista’s 2018 earnings. It should take less than four years to earn back any dilution to Civista’s tangible book value.
Sandler O’Neill and Tucker Ellis advised Civista. Keefe, Bruyette & Woods and Kilpatrick Townsend & Stockton advised United.