United Bancshares Inc. of Columbus Grove, Ohio, announced Monday that it will purchase $133.1 million-asset Delphos Citizens Bancorp for $20.7 million of stock and cash.
The century-old community bank in Delphos, Ohio, said it would become a separate unit of $249.4 million-asset United and retain its current name and charter.
Delphos stockholders would exchange each of their shares for 0.8749 share of United's common stock, plus $5.41 in cash. The deal is valued at $13.07 per Delphos share, or 0.8 times its book value.
United also said that it would seek to list its shares on the Nasdaq exchange before the deal's scheduled closing in the first quarter. The stock is currently listed on Nasdaq's OTC Bulletin Board.
