SB Financial Group Announces Completion of Acquisition of Marblehead Bancorp
SB Financial Group (NASDAQ: SBFG) has successfully completed its previously announced acquisition of Marblehead Bancorp. Under the merger agreement, Marblehead shareholders received $196.31 in cash per share, with the total transaction valued at approximately $5.0 million.
The merger combines Marblehead Bank with State Bank and Trust Company, expanding SB Financial's footprint into Ottawa County, Ohio. The combined organization now manages approximately $1.4 billion in assets. The deal was unanimously approved by both companies' boards of directors and received Marblehead shareholders' approval.
The acquisition strengthens SB Financial's presence in Northwest Ohio and enhances its ability to provide expanded financial products and services to the Marblehead community. Vorys, Sater, Seymour and Pease LLP acted as legal counsel to SB Financial, while Janney Montgomery Scott served as financial advisor to Marblehead.
SB Financial Group (NASDAQ: SBFG) ha completato con successo l'acquisizione precedentemente annunciata di Marblehead Bancorp. In base all'accordo di fusione, gli azionisti di Marblehead hanno ricevuto $196.31 in contanti per azione, con una transazione totale valutata circa $5,0 milioni.
La fusione unisce Marblehead Bank con State Bank and Trust Company, ampliando la presenza di SB Financial nella contea di Ottawa, Ohio. L'organizzazione combinata gestisce ora circa $1,4 miliardi in attivi. L'affare è stato approvato all'unanimità dai consigli di amministrazione di entrambe le società e ha ricevuto l'approvazione degli azionisti di Marblehead.
L'acquisizione rafforza la presenza di SB Financial nel Nord-Ovest dell'Ohio e migliora la sua capacità di fornire prodotti e servizi finanziari ampliati alla comunità di Marblehead. Vorys, Sater, Seymour and Pease LLP ha agito come consulente legale per SB Financial, mentre Janney Montgomery Scott ha fornito consulenza finanziaria a Marblehead.
SB Financial Group (NASDAQ: SBFG) ha completado con éxito su adquisición previamente anunciada de Marblehead Bancorp. Según el acuerdo de fusión, los accionistas de Marblehead recibieron $196.31 en efectivo por acción, con un valor total de la transacción de aproximadamente $5.0 millones.
La fusión combina Marblehead Bank con State Bank and Trust Company, ampliando la presencia de SB Financial en el condado de Ottawa, Ohio. La organización combinada ahora gestiona aproximadamente $1.4 mil millones en activos. El acuerdo fue aprobado unánimemente por las juntas directivas de ambas compañías y recibió la aprobación de los accionistas de Marblehead.
La adquisición fortalece la presencia de SB Financial en el noroeste de Ohio y mejora su capacidad para ofrecer productos y servicios financieros ampliados a la comunidad de Marblehead. Vorys, Sater, Seymour y Pease LLP actuó como asesor legal para SB Financial, mientras que Janney Montgomery Scott sirvió como asesor financiero para Marblehead.
SB Financial Group (NASDAQ: SBFG)는 이전에 발표된 Marblehead Bancorp 인수를 성공적으로 완료했습니다. 합병 계약에 따라 Marblehead 주주들은 주당 $196.31의 현금을 받았으며, 총 거래 가치는 약 $5.0백만으로 평가됩니다.
이번 합병은 Marblehead Bank와 State Bank and Trust Company를 통합하여 Ohio주 Ottawa County로 SB Financial의 범위를 확장합니다. 통합된 조직은 현재 약 $1.4억 달러의 자산을 관리하고 있습니다. 이 거래는 양 회사의 이사회에서 만장일치로 승인되었으며, Marblehead 주주들의 승인을 받았습니다.
이번 인수는 NW Ohio에서 SB Financial의 입지를 강화하고 Marblehead 커뮤니티에 확장된 금융 제품과 서비스를 제공할 수 있는 능력을 향상시킵니다. Vorys, Sater, Seymour and Pease LLP는 SB Financial의 법적 자문으로 활동했으며, Janney Montgomery Scott는 Marblehead의 재정 자문 역할을 했습니다.
SB Financial Group (NASDAQ: SBFG) a réussi à finaliser l'acquisition de Marblehead Bancorp précédemment annoncée. Selon l'accord de fusion, les actionnaires de Marblehead ont reçu 196,31 $ en espèces par action, avec une valeur totale de la transaction d'environ 5,0 millions de dollars.
La fusion combine Marblehead Bank avec State Bank and Trust Company, étendant ainsi l'empreinte de SB Financial dans le comté d'Ottawa, Ohio. L'organisation combinée gère maintenant environ 1,4 milliard de dollars d'actifs. L'accord a été approuvé à l'unanimité par les conseils d'administration des deux sociétés et a reçu l'approbation des actionnaires de Marblehead.
L'acquisition renforce la présence de SB Financial dans le nord-ouest de l'Ohio et améliore sa capacité à offrir des produits et services financiers élargis à la communauté de Marblehead. Vorys, Sater, Seymour et Pease LLP a agi en tant que conseiller juridique pour SB Financial, tandis que Janney Montgomery Scott a servi de conseiller financier pour Marblehead.
SB Financial Group (NASDAQ: SBFG) hat erfolgreich die zuvor angekündigte Übernahme von Marblehead Bancorp abgeschlossen. Gemäß dem Fusionsvertrag erhielten die Aktionäre von Marblehead 196,31 $ in bar pro Aktie, wobei die gesamte Transaktion auf ca. 5,0 Millionen $ bewertet wurde.
Die Fusion vereint die Marblehead Bank mit der State Bank and Trust Company und erweitert den Einflussbereich von SB Financial im Ottawa County, Ohio. Die vereinigte Organisation verwaltet jetzt etwa 1,4 Milliarden $ an Vermögenswerten. Der Deal wurde einstimmig von den Vorständen beider Unternehmen genehmigt und erhielt die Zustimmung der Aktionäre von Marblehead.
Die Übernahme stärkt die Präsenz von SB Financial im Nordwesten von Ohio und verbessert die Fähigkeit, der Marblehead-Gemeinschaft erweiterte Finanzprodukte und -dienstleistungen anzubieten. Vorys, Sater, Seymour und Pease LLP fungierte als Rechtsberater für SB Financial, während Janney Montgomery Scott als Finanzberater für Marblehead tätig war.
- Acquisition expands geographical footprint into Ottawa County, Ohio
- Combined organization reaches $1.4 billion in assets under management
- All-cash transaction valued at $5.0 million
- Unanimous board approval and shareholder support
- Cash outlay of $5.0 million impacts liquid assets
Insights
The acquisition of Marblehead Bancorp by SB Financial Group represents a strategic market expansion move with notable financial implications. The
The transaction structure as an all-cash deal suggests SB Financial's strong liquidity position and confidence in immediate value creation. For a bank with a market cap of
From a retail banking perspective, this merger strengthens SB Financial's competitive position in the local market, potentially leading to improved economies of scale and enhanced product distribution capabilities. The relatively small size of the transaction suggests minimal dilution risk while offering opportunities for cost synergies and revenue enhancement through cross-selling of expanded services to the acquired customer base.
The operational integration of Marblehead Bank into State Bank presents several strategic advantages. The merger consolidates banking operations in Northwest Ohio, potentially leading to improved operational efficiency and reduced overhead costs. The combined
From a systems and processes standpoint, the integration of a smaller community bank like Marblehead into SB Financial's established operational framework should be relatively straightforward. The complementary nature of their business models and shared focus on community banking suggests minimal cultural integration challenges. The expansion into Ottawa County opens up new market opportunities while maintaining the community banking approach that both institutions value.
The State Bank and Trust Company expands footprint to Ottawa County, Ohio
DEFIANCE, Ohio and MARBLEHEAD, Ohio, Jan. 17, 2025 (GLOBE NEWSWIRE) -- SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial”), parent company of The State Bank and Trust Company (“State Bank”), announced today the successful closing of the previously announced acquisition of Marblehead Bancorp, Inc. ("Marblehead"), parent company of The Marblehead Bank of Marblehead, Ohio (“The Marblehead Bank”). Upon the closing of the merger, Marblehead was combined and merged with and into SB Financial and Marblehead Bank was merged with and into State Bank. The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks and was approved and adopted by the shareholders of Marblehead in accordance with the terms of the merger agreement.
"We are delighted to welcome the staff, clients, community members, and former shareholders of Marblehead and The Marblehead Bank to the SB Financial and State Bank family," said Mark A. Klein, State Bank Chairman, President, and CEO. "Both of our banks share a deep commitment to serving our stakeholders, and this merger strengthens our ability to deliver personalized financial solutions and community-focused service. I am excited to see our teams come together to enhance the banking experience for our customers and foster continued growth in the communities we proudly serve."
Under the terms of the merger agreement, shareholders of Marblehead Bancorp received
This merger marks a significant milestone in SB Financial’s growth, extending our presence in the vibrant and expanding Northwest Ohio region. By joining forces with The Marblehead Bank, we are better positioned to serve the Marblehead community with an expanded suite of financial products and services. The combined organization, now managing approximately
Vorys, Sater, Seymour and Pease LLP served as legal counsel to SB Financial. Janney Montgomery Scott served as financial advisor to Marblehead and provided a fairness opinion to its Board of Directors. Shumaker, Loop & Kendrick, LLP served as Marblehead’s legal counsel.
About SB Financial Group, Inc.
Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for The State Bank and Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 25 offices: 24 in ten Ohio counties and one in Fort Wayne, Indiana, and 25 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State region. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.
About Marblehead Bancorp
Headquartered in Marblehead, Ohio, Marblehead is the holding company for The Marblehead Bank. Established in March 1907, The Marblehead Bank was founded to provide local banking services to the residents of the Village of Marblehead, Danbury Township, and nearby communities located on the central shores and islands of Lake Erie. It remains the only brick and mortar bank on the Marblehead Peninsula, operating two full-service bank branch offices. As a full-service community bank, the company provides ease of use and excellent service in the Marblehead Peninsula area and beyond. Learn more about The Marblehead Bank at www.marbleheadbank.com.
Forward-Looking Statements
Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.
Investor Contact Information:
Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com
Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com
FAQ
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