CNB Financial (CCNE) in Clearfield, Pa., has agreed to acquire FC Banc (FCBZ) in Bucyrus, Ohio.
CNB will pay about $40 million, or $30 a share in cash and stock, for the $367 million-asset FC Banc, the companies said in a press release late Tuesday. FC Banc shareholders will receive 80% of the consideration in CNB common stock.
FC Banc has eight branches, including locations around Columbus, Ohio, and a mortgage business. FC Banc earned $3.5 million last year. CNB, which has $1.8 billion in assets and 29 branches, said it expects the acquisition to add to its earnings per share in the first full year of operations.
"We are excited to expand our franchise into the neighboring Ohio market," Joseph Bower, Jr., CNB's president and chief executive, said in the release. " A presence in the greater Columbus area will provide us additional growth opportunities and allow us to build our business with attractive pricing and terms."
Coleman Clougherty, FC Banc's president and CEO, will stay with CNB after the deal's expected fourth-quarter closing. R. Duane Hord, the seller's chairman, will join CNB's board.
Griffin Financial Group was CNB's financial advisor, and Hogan Lovells was the legal counsel. Boenning & Scattergood advised FC Banc, while Vorys, Sater, Seymour and Pease served as legal counsel.