First Citizens Banc Corp Inc. in Sandusky, Ohio, announced Friday that it has a deal to buy the $279 million-asset Futura Banc Corp. in Urbana, Ohio, for $63 million in cash and stock.
The purchase would boost First Citizens' assets to more than $1 billion and give the company eight branches in Champaign, Franklin, Logan, Madison, and Summit counties.
Futura is the parent of Champaign National Bank, and First Citizens is the holding company for Citizens Banking Co. Futura shareholders can choose to take $23 in cash per share or 1.1726 share of First Citizens stock for each share they hold. The deal is expected to close in the fourth quarter.
