FRANKLIN — NB&T Financial Group Inc. has agreed to acquire Community National Bank’s centers in a transaction valued at $6.8 million.
Wilmington-based NB&T, parent company for the National Bank and Trust Co., announced the acquisition and merger on June 30. Community National Bank operates full-service banking offices in Franklin, Springboro, Centerville, Carlisle and Middletown.
“Through these difficult times, we have positioned ourselves to be successful going forward, but recognized we needed additional products, services and capital to meet the needs of both our shareholders and the communities we serve. NBTF provides all three,” said Carolyn Bradford, Community’s chief executive officer. “Additionally, our shareholders will receive a stock that provides them greater liquidity.”
Under the terms of the agreement, which was unanimously approved by the boards of both companies, shareholders of Community holding more than 1,500 shares will be entitled to elect to receive $11.41 in cash per share, 0.761 common shares of NBTF, or a combination of both. Those holding fewer shares will receive the cash option. As of June 30, Community had 624,458 common shares outstanding.
Community had total assets of $99.2 million, deposits of $89.8 million, net loans of $66.4 million and stockholders’ equity of $8.8 million as of May 31, according to the bank.
“Community National’s focus on customer relationships and community banking fits perfectly with how we try to serve our customers,” said John J. Limbert, NBTF’s president and CEO. “In addition, this transaction will continue our expansion into Warren County and give us an entrance into Montgomery and Butler counties.”
The transaction is expected to close in the fourth quarter of 2009, subject to regulatory approval, according to a news release.
