company, has agreed to buy a local rival, UniBank, a 12-branch company in nearby Steubenville, for an undisclosed sum. Citizens has promised the $240 million-asset bank a tax-free stock swap that is subject to regulatory and shareholder approval. The deal is expected to close by yearend. Marty E. Adams, president and chief executive officer of Citizens, said it and UniBank have been competitors for years but have similar banking philosophies. Citizens plans to consolidate at least two of its branches with UniBank offices after the acquisition. However, officials said they don't expect any layoffs.
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In