EATON, Ohio, Oct. 28, 2013 /PRNewswire/ -- Colonial Banc Corp. ("CBC"), the holding company for Eaton National Bank and Trust Co. ("Eaton National"), announced today that it has entered into a definitive stock purchase agreement with LCNB Corp. ("LCNB"), the holding company for LCNB National Bank of Lebanon, Ohio, whereby LCNB will purchase 100% of the outstanding stock of Eaton National from CBC. The aggregate purchase price will be $24.75 million payable entirely in cash. LCNB has stated that it intends to merge Eaton National into LCNB National Bank upon consummation of the transaction.
The transaction is expected to close in the first quarter of 2014, subject to receipt of CBC shareholder approval, customary regulatory approvals and the completion of a $25 million capital raise by LCNB. At that time, Eaton National offices will become branches of LCNB National Bank. When the transaction is completed, LCNB will have approximately $1.13 billion in assets, $969 million in deposits and 36 branch offices in southwestern and south central Ohio. The acquisition enables LCNB to expand into the Preble County, Ohio markets.
Jeff Maffett, Chairman and CEO of Colonial Bank Corp, stated: "I am thrilled that Eaton National Bank and Trust will become part of the LCNB family. Our shared values and culture combined with the scope of LCNB will provide great opportunities for our customers, Eaton National Bank employees and our community."
CBC is being advised by 79 Capital Securities LLC and Vorys, Sater, Seymour and Pease LLP.
Eaton National is based in Eaton, Ohio and was established in 1847. The bank operates from its main office in Eaton and four branch offices in Eaton, Lewisburg, New Paris and West Alexandria, Ohio. It has approximately $187 million in assets and $168 million in deposits. Additional information on CBC and Eaton National may be found on Eaton National's website: enbbank.com.
Additional information regarding the transaction will be provided to CBC's shareholders in a proxy statement to be distributed to CBC's shareholders at a later date.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
- Professional Services