Civista Bancshares, Inc. announced on July 10, 2025, the signing of a definitive merger agreement to acquire The Farmers Savings Bank. This acquisition will add two branches in Northeast Ohio and approximately $183 million in low-cost core deposits, with Farmers reporting total assets of $285 million and net loans of $104 million as of March 31, 2025.
The transaction is valued at approximately $70.4 million, consisting of $34.925 million in cash and 1,434,491 common shares. The acquisition is expected to be approximately 10% accretive to Civista's diluted earnings per share once anticipated cost savings are fully phased-in, with tangible book value dilution expected to be earned back in approximately three years.
Concurrently, Civista announced the pricing of an underwritten public offering of 3,294,120 common shares at $21.25 per share, aiming to raise $70.0 million in gross proceeds. The net proceeds from this offering are intended for general corporate purposes, including supporting organic growth and future strategic transactions, and the offering is expected to close on July 14, 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.