BOWLING GREEN, Ohio -- Mid Am Inc. said it had signed a definitive agreement to acquire ASB Bankcorp, the parent of Adrian State Bank, in a tax-free exchange of stock valued at $20.2 million.

Mid Am is the ninth-largest bank holding company headquartered in Ohio, with $1.9 billion of assets and 84 offices.

ASB is a $125 million bank-holding company with four offices in Adrian, Mich., and two offices in Tecumseh, Mich.

The agreement calls for the shareholders of ASB to receive approximately $65 per share, payable in Mid Am Common Stock. The transaction will be structured as a tax-free exchange and will be accounted for as a pooling of interests. It is expected to close early in the first quarter of 1995, pending shareholder and regulatory approvals.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.