Ohio Valley Banc Corp. in Gallipolis, Ohio, has agreed to buy Milton Bancorp in Wellston, Ohio.

The $808 million-asset Ohio Valley said in a press release Friday that it would pay about $20 million in cash and stock for the $135 million-asset parent of Milton Banking Co. The transaction is expected to close in the third quarter.

John Jones, Milton's president and chief executive, would become a director and president of Ohio Valley's Milton Bank division. Ohio Valley said it does not plan to close any branches.

Ohio Valley was advised by Boenning & Scattergood and Vorys, Sater, Seymour & Pease. Milton was advised by Dinsmore & Shohl.

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