CSB Bancorp Inc. of Millersburg, Ohio, plans to acquire Indian Village Bancorp Inc. of Gnadenhutten for $7.9 million in cash and stock.
The deal was announced late Wednesday. Indian Village Community Bank would become part of the $340 million-asset CSB's Commercial and Savings Bank.
Marty R. Lindon, the president and chief executive of the $93 million-asset Indian Village Bancorp, said in an interview that it made the deal because it could not afford a full-time information technology staff member and therefore could not keep up with technology. He also said the regulatory burden was too great for his company.
CSB already operates in Holmes and Wayne counties. The deal, expected to close by early in the fourth quarter, would bring it into neighboring Tuscarawas and Stark counties.
