Park National Corp. of Newark, Ohio, has agreed to buy Anderson Bank Co. of Cincinnati for $17.7 million in cash and stock.
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John Kozak, Park's chief financial officer, said in an interview Monday that it decided to buy the $66.8 million-asset Anderson to fill gaps in its southwest Ohio and north Kentucky division.
The deal, expected to close this year, is priced at about 2.4 times book value. As a result of the acquisition, the $5.7 billion-asset Park plans to close one of its branches located two miles from an Anderson branch in Amelia, Ohio.
James R. Gudmens, the president and chief executive officer of Anderson, plans to retire when the deal closes. The rest of Anderson's staff is expected to stay on.
