Investment Banking - Columbus First Bancorp, Inc.

Transactions | Banking

Client: Columbus First Bancorp, Inc.
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • Headquartered in Worthington, Ohio, Columbus First Bancorp, Inc. is the holding company for Columbus First Bank, with $333.4 million in assets, $290.5 million in loans, $269.9 million of deposits and $32.3 million in consolidated equity as of September 30, 2017.
  • LCNB Corp. (NASDAQ: LCNB) is the Lebanon, Ohio based financial services holding company for LCNB National Bank, with $1.3 billion in total assets, 34 full-service bank branches and 38 ATMs in 10 Ohio counties.  LCNB also operates a loan production office in Columbus, Ohio.
  • Columbus First shareholders will receive 2.00 shares of LCNB common stock for each share of Columbus First common stock.  Any unexercised options will be canceled in exchange for a cash payment.  Based on the LCNB closing share price as of December 20, 2017, the transaction is valued at $41.00 for per share or approximately $66.9 million in aggregate.  Based on September 30, 2017 financials, this represents 200.2% of tangible book value per share and 27.8 times trailing twelve months core earnings per share.
  • Following the merger, John Smiley, currently President and Chief Lending Officer of Columbus First Bank, will join LCNB as Executive Vice President and Columbus Market President.  In addition, the LCNB board of directors will appoint Rhett Huddle, Chairman and Chief Executive Officer of Columbus First Bancorp, Inc. and Columbus First Bank, and another Columbus First board member to the boards of LCNB Corp. and LCNB National Bank.
  • The transaction closed Q2 2018.
  • Boenning served as financial advisor and issued a fairness opinion to Columbus First Bancorp, Inc.