AKRON, Ohio - First Bancorporation of Ohio said it has completed the acquisition of the Civista Corp., a savings and loan holding company based in Canton, Ohio.
The acquisition adds about $800 million of assets to First Bancorp., giving it $5.7 billion in assets.
First Bancorp., soon to be FirstMerit Corp., will exchange 1.723 shares of its common stock for each of the more than 3.5 million shares of outstanding Civista common stock in a tax-free exchange.
First Bancorp. has announced a one-time charge in the first quarter of $16.2 million, or $0.48 per share, related to the closing.