Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Buckeye State Bank to Acquire First City Bank in Ohio, USA.

Document Cited in Related
Vincent

MANews-(C)2009-2022

Ohio, US-based banks Buckeye State Bank and First City Bank have signed a definitive merger agreement to which Buckeye will acquire First City, the companies said.

As of March 31, 2022, First City had approximately USD 73m in total assets and USD 64m in total deposits.

Through First City's location at 1885 Northwest Blvd in Columbus, Buckeye will expand its market presence from its existing markets of DeGraff, Perrysburg and Powell, Ohio to the Upper Arlington and Grandview markets.

The sale was unanimously approved by First City's directors and shareholders.

Buckeye was chartered as Citizens Bank of DeGraff in 1885 and was acquired by a group of local investors in 2014, led by CEO Shawn Keller and former OSU quarterback, Stanley Jackson.

Changing its name to Buckeye State Bank in 2014 to reflect its commitment to expand its banking services throughout Ohio, Buckeye has grown from USD 29m in assets to approximately USD 263m in assets as of March 31, 2022 and is expected to be approximately USD 340m in assets post-acquisition.

First City chairman Doug Simson's family acquired the bank in 1985, moving it to Columbus in 1992.

The transaction is expected to close in 4Q22, subject to receipt of all required regulatory approvals and fulfillment of other customary closing conditions.

Headquartered in Powell, Ohio in Delaware County, Buckeye State Bank, a wholly...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT