An investor group that includes a former executive of Ohio State Bank and Commercial Savings Bank of Ohio has reached a deal to buy a rural bank charter.

The group agreed to buy Citizens Bank of De Graff, a $29 million-asset institution in De Graff, Ohio, for about $4 million. The buyers plan to file an application for regulatory approval in the next week, says Shawn Keller, who leads the investor group and will be the bank's chief executive.

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