Middlefield Banc Corp. in Middlefield, Ohio, has agreed to acquire Emerald Bank of Dublin for $7.3 million in cash and stock.
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The $325 million-asset Middlefield has six branches in northeast Ohio. Buying the $39 million-asset Emerald would give Middlefield a foothold in the Columbus area in central Ohio.
Middlefield plans to operate Emerald as a separately chartered subsidiary and add commercial lenders over the next year.
The deal, announced after the market closed Wednesday, is expected to close in the second quarter.
Emerald, founded in 2004, has one branch.
