Announcing its seventh deal in as many months, National City Bancshares of Evansville, Ind., said it plans to buy Commonwealth Commercial Corp. of Crittenden, Ky., for $7.6 million in stock.
National City would issue 350 shares for each of $26 million-asset Commonwealth Commercial's 500 outstanding shares. The acquisition is expected to close during the fourth quarter.
Michael F. Elliott, chairman and chief executive officer of $1.6 billion-asset National City, said it plans to combine Commonwealth's subsidiary, Bank of Crittenden, with its own Community First Bank of Kentucky.
"This affiliation fits well geographically with our subsidiary," Mr. Elliott said.
The Commonwealth Commercial deal is the third that National City has pending in Kentucky. When all seven of National City's announced transactions are completed, the company will have $2.1 billion of assets, Mr. Elliott said.