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CNB Financial Corporation Inc Announces Acquisition Of FC Banc Corp


Tuesday, 26 Mar 2013 06:20pm EDT 

CNB Financial Corporation Inc announced that it has entered into a definitive agreement to acquire FC Banc Corp., and its subsidiary, The Farmers Citizens Bank (FC Bank) for $30.00 per share in cash and stock, or approximately $40.4 million in the aggregate. Headquartered in Bucyrus, Ohio, FC Banc Corp. had approximately $367.0 million in total assets and $34.2 million in shareholders' equity as of December 31, 2012, and had net income of $3.5 million for the year ended December 31, 2012. Under the terms of the definitive merger agreement, which has been approved by the Boards of Directors of both companies, shareholders of FC Banc Corp. will be entitled to receive either a fixed exchange of 1.754 shares of CNB common stock for each share of FC Banc Corp common stock, which is based on a 10-day average closing price of CNB common stock as of March 25, 2013 of $17.106 per share, or $30.00 per share in cash, with at least 80% of the consideration to be paid in the form of CNB common stock. Griffin Financial Group, LLC acted as financial advisor to CNB Financial Corporation, and Hogan Lovells US, LLP acted as legal counsel. FC Banc Corp. was advised by Boenning & Scattergood, Inc. and its legal counsel was Vorys, Sater, Seymour and Pease LLP. 

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18.68
-0.07 -0.37%
19 Dec 2014