Park National Corp. in Newark, Ohio, has agreed to buy First Clermont Bank, a Milford thrift, for $52.5 million in cash, or two times its book value.
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The deal, announced Friday, was the second for Park National in as many months. In August the $5.1 billion-asset multibank holding company said it was buying the $250 million-asset First Federal Bancorp Inc. of Zanesville.
The $210 million-asset First Clermont has eight branches in Ohio and one in Kentucky. Buying it would give Park National its first operations in Clermont County, in southwestern Ohio.
First Clermont would retain its name and its management. The sale is expected to close in the first quarter.
