First Commonwealth Financial Corp. announced its acquisition of DCB Financial Corp., and its subsidiary the Delaware County Bank and Trust Co., Monday.
The $106 million, or about $14.50 per share, transaction will provide Indiana, Pa.-based First Commonwealth, the parent company of First Commonwealth Bank, with about $556 million in total assets, $467 million in total deposits, $397 million in total loans and nine full-service banking offices in central Ohio.
First Commonwealth will add one DCB Financial director to its board of directors.
Both companies’ board of directors unanimously approved the merger, which is expected to be completed in the second quarter of 2017 depending on closing conditions, approval of DCB shareholders and bank regulatory authorities.
“We could not be more pleased to welcome DCB Financial’s customers and employees to First Commonwealth,” said T. Michael Price, First Commonwealth’s chief executive officer, in a statement. “DCB Financial’s customer-focused culture is a perfect fit with First Commonwealth’s core values. This expansion into central Ohio will enable us to help a broader range of central Ohio families and businesses reach their financial goals.”
The Delaware County Bank was chartered in 1950 as a full-service community bank and was the largest financial institution headquartered in Delaware County, according to its website, and and operated more than 10 banking center locations in Delaware county. DCB became a subsidiary of DCB Financial, which was incorporated in 1997.
“First Commonwealth, like us, is the bank that works for you,” said Ron Seiffert, president and CEO of DCB Financial, in a statement. “We are happy to be partnering with a bank that is just as committed to our community banking philosophy and our core markets as we are. Our customers will enjoy a broader range of products and services, while still receiving the same high level of community bank service to which they’ve been accustomed.”
The transaction represents a continuation of First Commonwealth’s Ohio growth strategy after it acquired Columbus-based First Community Bank in 2015 and its acquisition of 13 branches in northern Ohio from FirstMerit Corp., which was acquired by Huntington Bancshares Inc. this year.