Middlefield Banc Corp. in Ohio has agreed to buy Liberty Bank in Beachwood, Ohio.
The $760 million-asset Middlefield said in a press release Thursday that it will pay $40.8 million in cash and stock for the $223 million-asset Liberty.
"Liberty's strong management team and three highly productive Northeast Ohio branches will enhance Middlefield's growth opportunities," Thomas Caldwell, Middlefield's president and chief executive, said in the release.
Middlefield said it expects the transaction to be accretive to earnings in the first year. It should take less than four years to earn back any dilution to Middlefield's tangible book value.
Donnelly Penman & Partners and Grady & Associates advised Middlefield. Boenning & Scattergood and Tucker Ellis advised Liberty Bank.