BOWLING GREEN, Ohio -- Mid Am Inc. signed a definitive agreement to acquire ASB Bankcorp, the parent of Adrian State Bank, in a $20.2 million deal.
The agreement calls for the shareholders of ASB to receive about $65 a share payable in Mid Am common stock. The transaction will be structured as a tax-free exchange and will be accounted for under the pooling-of-interests method.
Mid Am, with $1.9 billion in assets and 84 offices is Ohio's ninth largest bank holding company.