BUCKEYE STATE BANK ACQUIRES FIRST CITY BANK
Buckeye to extend into the grandview and Upper Arlington Markets
POWELL, Ohio, June 13, 2022 /PRNewswire/ — Buckeye State Bank (“Buckeye”) and First City Bank (“First City”) announced that they have entered into a definitive merger agreement under which Buckeye will acquire First City. From March 31, 2022First City had approximately $73 million of total assets and $64 million in total deposits. Thanks to First City’s location at 1885 Northwest Blvd in ColumbusBuckeye will expand its market presence from its existing DeGraff markets, Perrysburg and Powell, Ohio to Upper Arlington and grandview markets. The sale was unanimously approved by First City’s directors and shareholders.
Buckeye was chartered as Citizens Bank of DeGraff in 1885 and was acquired by a group of local investors in 2014, led by CEO Shawn Keller and former OSU quarterback, Stanley Jackson. Changing its name to Buckeye State Bank in 2014 to reflect its commitment to expanding its banking services across OhioBuckeye went from $29 million of assets at approximately $263 million active at March 31, 2022 and should be around $340 million in the assets after the acquisition. Buckeye CEO Keller said, “As an employee-owned community bank, we believe this is a rare opportunity to acquire a like-minded financial institution to benefit our communities and of our shareholders. Along with Buckeye employees, First City employees have a strong commitment to serving their community by taking local deposits and lending them to local consumers and businesses. We are very excited to merge our two teams to bring the local banking style of Buckeye State Bank to the Upper Arlington and grandview markets.”
First city president At Doug Simson’s the family acquired the bank in 1985, transferring it to Columbus in 1992. “It was a family passion and focused on making banking easier for our customers. So it was important to find the right partner, one who shared our ideals of serving the community and caring for our employees. We ‘ I’m very happy to have found this partner in the Buckeye State Bank team.” CEO of First City, Charlie Cecil commented, “We have worked on various projects with Buckeye over the past few years and have developed a good relationship with their staff. We are very excited about the future.” Keller added, “Charlie and his team are wonderful professionals who share our passion for being leaders in our communities. This is a big step forward for both organizations.
The transaction is expected to close in the fourth quarter of 2022, subject to receipt of all required regulatory approvals and satisfaction of other customary closing conditions.
Main office (614) 796-4747
9494 Wedgewood Boulevard Toll Free: (844) 225.9265
Powell, Ohio 43065 www.JoinBSB.com
Performance Trust acted as financial advisor and Dinsmore & Shohl, LLP acted as legal advisor to Buckeye. Keller and Company acted as financial advisor and Becker & Lilly acted as legal advisor to First City.
About Buckeye State Bank (@BuckeyeStateBank)
Based at Powell, Ohio in Delaware CountyBuckeye State Bank, a wholly owned subsidiary of Buckeye State Bancshares, Inc. (“BSBi”), is a locally owned and operated community bank with approximately $263 million active at March 31, 2022. Dedicated to providing local service with easy-to-use products and services, BSB has been one of the fastest growing banks in the country since its inception. January 3, 2014 through the purchase of Citizens Bank of DeGraff, which was founded and chartered in 1885. Buckeye State Bank serves the banking needs of consumers and businesses in the communities of Logan, franklin, Delaware, Wood, union and Lucas counties. BSBi is proudly owned by its employees. To learn more, visit www.joinbsb.com
About First City Bank
First City Bank is a family-run community bank with a long tradition of putting the needs of its customers first. First City Bank’s charter dates back to 1907. The family acquired First City Bank in 1985 in Christiansburg, Ohio, and moved to its current location in 1992. First City Bank is a single-location community bank located at 1885 Northwest Blvd. in Columbus, Ohio. They are proud to continue to be part of the tradition of being a local branch with personalized service and over 100 years of combined experience.
SOURCE Performance Trust Capital Partners, LLC