In Ohio, Leesburg-based SouthernHills Community Bank ($86.3 million) and Ripley-based ($67.1 million)have agreed to merge, The (Hillsboro)Times-Gazette reported Sept. 29.
The combinedbank will operate under the Southern Hills Community Bank name, according to thereport.
SNL valuations for bank and thrift targets in the Midwest regionbetween Sept. 29, 2015, and Sept. 29, 2016, averaged 130.99% of book, 134.52% oftangible book and had a median of 18.24x last-12-month earnings, on an aggregatebasis.
SNL data shows that the combined bank will operate two branchesin Brown County, to be ranked fourth with an 11.59% share of about $499.63 millionin total market deposits; and will operate three branches in Highland County, tobe ranked fourth with a 3.15% share of roughly $2.18 billion in total market deposits.
Jason Hodges and Kimberly Schaefer of Vorys Sater Seymour andPease served as legal counsel for Southern Hills Community Bank and Ripley FederalSavings Bank, respectively.