Emclaire Financial in Emlenton, Pa., has agreed to buy Community First Bancorp in Reynoldsville, Pa.
The $756 million-asset Emclaire said in a press release Friday that it will pay roughly $17 million in cash and stock for the $130 million-asset Community First. The deal is expected to close in the fourth quarter.
The acquisition would help Emclaire expand around Pittsburgh and western Pennsylvania, William Marsh, the company's chairman and CEO, said in the release. Once the deal is completed, Emclaire will have 20 branches in western Pennsylvania and Hancock County, W.Va.
This is the third bank M&A deal Emclaire has announced since early 2016.
“This transaction strengthens our market position in Clarion and Jefferson counties and reflects our strategy to develop business within our market areas while we continue to seize on opportunities for future expansion,” Marsh said.
Henry Deible, Community First's president and CEO, and Henry Deible II, one of the seller's directors, would join Emclaire's board.
The deal is expected to be accretive to Emclaire’s earnings per share in the first full year after it closes, excluding merger-related charges.
Raymond James and Silver, Freedman, Taff & Tiernan advised Emclaire. Commonwealth Advisors and Bybel Rutledge advised Community First.