Guernsey Bancorp has inked an agreement with Ohio State Bancshares and RBancshares to buy all of Ohio State Bank’s issued outstanding capital stock, for an undisclosed sum.
Post acquisition, which is subject to approval from the Federal Deposit Insurance, Federal Reserve and other regulatory bodies, the acquired enterprise will become part of Guernsey Bank and remain trading from its offices in Marion and Lewis Center.
Guernsey Bank president and CEO Robert Patrella said, "We will begin our journey together as an approximately $235 million community bank with plenty of room to grow."
Ohio State Bank president and CEO Mark Kelly commented, "We believe that the combination of our banks will enable us to assure that the customers and employees of both organizations are provided the financial and employment opportunities they deserve."
Following the completion of the acquisition, which is expected during the fourth quarter of 2013, the Guernsey Bank board of directors will succeed Ohio State Bank board.
Guernsey Bank has approximately $125m in assets, while Ohio State Bank has nearly $110m in assets.