SB Financial Group Inc. (NASDAQ: SBFG), parent company of State Bank and Trust Company, announced earlier this month the successful closing of the previously announced merger with Edon Bancorp Inc., parent company of The Edon State Bank Company of Edon. The merger agreement was unanimously approved by the boards of directors of both bank holding companies and their subsidiary banks in accordance with the terms of the previously announced agreement.
“We would like to extend a warm welcome to all the stakeholders of Edon State Bank; this includes the staff, clients, community and prior stockholders of Edon State Bank,” said Mark Klein, State Bank chairman, president and CEO. “Each of our banks has been deeply committed to these stakeholders and this merger will only serve to strengthen those ties and commitments.
“We are encouraged with the closing of this transaction and look forward to further promoting the unison of two strong community bank brands now under one umbrella as State Bank,” added Klein. “With the joint operation of our companies, we enable our customers across all of our markets access to a wide range of financial products and services, including the personalized attention they expect from their community bank.”
Under the terms of the merger agreement, shareholders of Edon Bancorp received $103.50 in cash in exchange for each share of Edon Bancorp common stock for a transaction valued in aggregate at approximately $15.5 million. The consideration represented approximately 135% of Edon Bancorp’s tangible book value per share as of Dec. 31, 2019.
With this merger, SB Financial expands its presence throughout the growing and vibrant northwest Ohio region and offers new opportunities in Edon. The combined company has approximately $1.1 billion in assets as a result of the merger.