Investment Banking - Ohio Valley Bank

Transactions | Banking

Client: Ohio Valley Bank
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor

  • Ohio Valley Banc Corp. (NASDAQ: OVBC) is the Gallipolis, Ohio based bank holding company for The Ohio Valley Bank Company, with 14 offices in Ohio and West Virginia.  OVBC is also the parent company of Loan Central, Inc., a consumer finance company specializing in tax preparation and tax refund loans with seven offices in Ohio.  As of September 30, 2015, OVBC had assets of $808.5 million.
  • Milton Bancorp, Inc. is the Wellston, Ohio based bank holding company for The Milton Banking Company, a $135.1 million asset bank with five branches located across the Jackson and Columbus, Ohio MSAs as of September 30, 2015.
  • The total merger consideration is approximately $15.75 million, based on OVBC’s closing price of $24.39 on January 6, 2016, with 80% of the Milton shares exchanged for stock and 20% exchanged for cash.
  • John G. Jones, President and Chief Executive Officer of Milton Bancorp, Inc. and The Milton Banking Company, will be appointed Director of OVBC and The Ohio Valley Bank Company and President of the Milton division.
  • Boenning is serving as financial advisor and issued a fairness opinion to Ohio Valley Banc Corp.