Croghan Bancshares (CHBH) in Fremont, Ohio, has bought Indebancorp in Oak Harbor.
Croghan paid about $29 million in cash and stock for the $228 million-asset Indebancorp in a deal that closed Dec. 6. The deal gave Croghan five new locations, increasing its network to 19 branches, and increased its assets to roughly $844 million.
The two companies agreed to the deal in June.
The closure "completes a very strategic acquisition for us," said Croghan Chief Executive Rick Robertson in a news release. "We have a significant market share in Sandusky County, [and] now we have a significant market share in Ottawa County."
In August, Croghan agreed to sell one branch and about $30 million in deposits to Farmers & Merchants State Bank in Archbold, Ohio. In 2011, Croghan bought four branches from United Community Financial Corp. (UCFC) in Youngstown, Ohio.