Investment Banking - Ohio Valley Banc Corp.
Transactions | Banking
Client: Ohio Valley Banc Corp.
Transaction Type: Branch Divestiture
Role: Sell-Side Advisor
North Valley Bank Enters Agreement to Buy Ohio Valley Bank’s Mt. Sterling and New Holland Branches
- Ohio Valley Banc Corp. is the parent company of Ohio Valley Bank, which currently operates 18 offices throughout Ohio and West Virginia. Headquartered in Gallipolis, Ohio, Ohio Valley Bank has served its communities for 146 years, making it one of the oldest banks in the state. Ohio Valley also owns Loan Central, a finance company specializing in tax preparation and loans with six offices in southern Ohio.
- North Valley Bancshares, Inc. is the parent company of North Valley Bank, a local community bank committed to serving Muskingum, Perry, Morgan and Licking Counties. Originally established as The Bank of Corning Company during the oil boom in the Village of Corning, Ohio by local area business leaders, North Valley Bank has operated as a locally-owned community-oriented commercial bank since 1904.
- The purchase and assumption agreement provides for the transfer by Ohio Valley Bank to North Valley Bank of approximately $26.4 million in deposits, the land and buildings associated with both Ohio Valley Bank branches and other assets in exchange for the net book value of such other assets and a deposit premium equal to 5.00% of the average daily deposits for the 30 days preceding closing.
- The transaction closed in the second half of 2019.
- Boenning served as financial advisor to Ohio Valley Banc Corp.