Investment Banking - FC Banc Corp.

Transactions | Banking

Client: FC Banc Corp.
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • FC Banc Corp., (“FC”), was the holding company for Farmers Citizens Bank (“FC Bank”), a financial services company located in Bucyrus, Ohio with approximately $367 million in assets.  CNB Financial Corporation (“CNB”), the holding company for CNB Bank (“CNB Bank”) based in Clearfield, Pennsylvania, is a financial services company with $1.7 billion in assets.
  • FC Bank served the northern Ohio markets of Bucyrus, Cardington, Fredericktown, Mount Hope and Shiloh, as well as the markets of Worthington and Upper Arlington in the greater Columbus area with 8 branch locations, as well as a mortgage banking business headquartered in Dublin.
  • Shareholders of FC received either a fixed exchange of CNB common stock for each share of FC common stock, or cash at an amount of $30.00, with at least 80% of the consideration to be paid in the form of CNB common stock.  At the time of announcement, the aggregate consideration to be received by FC shareholders equated to approximately $40.4 million.
  • Following completion of the merger, FC Bank is operating as a separate branded division of CNB Bank, with a regional board and a board seat at CNB Bank and CNB.
  • The combined company has approximately $2.2 billion in assets and 37 offices in central and western Pennsylvania and northern and central Ohio.
  • Boenning & Scattergood, Inc. initiated this transaction, served as financial advisor and rendered a fairness opinion to FC.