First Citizens Banc To Buy TCNB Financial For About $17.2 Mln

(RTTNews) - First Citizens Banc Corp (FCZA) said Thursday that it has agreed to buy TCNB Financial Corp., and its wholly-owned subsidiary, The Citizens National Bank of Southwestern Ohio, for $23.50 per share in cash or about $17.2 million.

Citizens National currently operates three branches in the Dayton, Ohio market. On June 30, 2014, TCNB had total assets of $105 million, total loans of $75 million and total deposits of $93 million.

First Citizens expects the acquisition to be accretive to earnings in 2015 and have a tangible book value earn-back of about 3.5 years.

The deal is anticipated to close during the first quarter of 2015.