Investment Banking - MSB Capital Corporation

Transactions | Banking

Client: MSB Capital Corporation
Industry: Banking
Transaction Type: Branch Divestiture
Role: Sell-Side Advisor

  • Headquartered in Columbus, Ohio, MSB Capital Corporation is the holding company of United Midwest Savings Bank, an independent, privately-owned, federally-chartered institution that operates four full-service depository branches and two loan production offices. At March 31, 2014, United Midwest had assets of $181.7 million, deposits of $171.8 million and common equity of $9.2 million.
  • At March 31, 2014, the Falmouth branch had approximately $17 million of deposits.
  • Heritage Bank, Inc. is a $496 million bank headquartered in Erlanger, Kentucky that operates 16 branches in the northern Kentucky market.
  • Heritage paid a 1.75% deposit premium for the deposit liabilities it assumed.
  • In connection with the sale, Heritage also purchased approximately $1.1 million of performing loans associated with the branch at par value and the related real estate at book value.
  • Boenning acted as financial advisor to MSB Capital Corporation.