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Civista Bancshares drops by more than 5% following deal announcement

Civista Bancshares Inc. retreated 5.75% to $22.60 at noon ET on Monday, March 12.

The Sandusky, Ohio-based company had earlier announced its pending $114.4 million deal to acquire Lawrenceburg, Ind.-based United Community Bancorp. The deal is expected to close in the third quarter.

D.A. Davidson analyst Kevin Reevey maintained his "neutral" rating of Civista. According to Reevey, the deal will expand the company's presence in Cincinnati and will provide excess liquidity and longer asset generation.

U.S. bank and thrift stocks were slightly down a little before noon.

At noon ET, the SNL U.S. Bank Index slipped 0.26% to 657.22 and the SNL U.S. Thrift Index dropped 0.19% to 982.24. The Dow Jones Industrial Average was down 0.55% to 25,195.26, the S&P 500 fell 0.15% to 2,782.41, while the Nasdaq Composite Index gained 0.50% to 7,597.32.

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Market prices and index values are current as of the time of publication and are subject to change.