Merchants Bancorp in Hillsboro, Ohio, has agreed to buy certain assets and assume certain liabilities of a DCB Financial (DCBF) branch.
The purchase of DCB's Marysville, Ohio, branch will give Merchants roughly $24 million in deposits and $5.9 million in loans, according to a Friday press release. The terms of the deal were not disclosed.
The sale will allow the $508 million-asset DCB to exit Ohio's Union County, leaving the Lewis Center, Ohio, company with 15 branches in Delaware County, according to the Federal Deposit Insurance Corp. The $587 million-asset Merchants has 12 branches in Ohio.
"Strategically, we feel that redirecting our resources to those markets where we have a greater presence will better enhance our shareholder value," DCB President and Chief Executive Ronald Seiffert said in the release. "The agreement will insure that DCB's current customers will be able to retain a relationship with a community bank for their banking needs into the foreseeable future."
"The Marysville office will complement our existing branch network," Merchants President Paul Pence Jr., said in the release. "We look forward to being part of the Marysville community."
The deal is expected to close by the end of March.