First Commonwealth Financial in Indiana, Pa., has agreed to buy DCB Financial in Lewis Center, Ohio.

The $6.7 billion-asset First Commonwealth said in a press release Monday that it will pay $106 million, or $14.50 a share, in cash and stock for the $556 million-asset DCB. The transaction is expected to close in the second quarter.

DCB has nine branches, $467 million in deposits and $397 million in loans. First Commonwealth said the deal builds on its recent purchase of 13 branches in northern Ohio from Huntington Bancshares and last year's acquisition of First Community Bank in Columbus, Ohio.

The transaction is expected to be 4% accretive to First Commonwealth's 2017 earnings, excluding one-time charges, and 7% accretive the next year. First Commonwealth said it should take less than five years to earn back the deal's dilution to its tangible book value.

FBR Capital Markets and Squire Patton Boggs advised First Commonwealth. Keefe, Bruyette & Woods and Porter, Wright, Morris & Arthur advised DCB Financial.

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