Two Northeast Ohio companies have a $23 million merger deal.

GLB Bancorp in Mentor has agreed to exchange $18 million in cash and about 375,000 shares of its common stock for those of Maple Leaf Financial Inc. of Newbury.

The price equals 2.89 times Maple Leaf's book value and 23.63 times earnings.

Publicly traded GLB is the smaller company; it owns Great Lakes Bank, a seven-branch bank with $92 million of assets.

Maple Leaf, which is privately held, owns Geauga Savings Bank, a $112 million-asset thrift based in Newbury.

The deal, set to close during the second quarter, would give GLB its first presence outside its home county.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.