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.