SB Financial completes acquisition of Marble Head

SB Financial Group, parent company of State Bank, has completed the acquisition of Marblehead Bancorp, parent company of Marblehead Bank.

SB Financial has signed a merger agreement in August 2024 to strengthen its position in the Northwest Ohio market.

The board of directors of both the banking companies and their subsidiary banks have unanimously approved the deal.

Upon completion of the deal, Marblehead Bancorp was fully merged into SB Financial, and The Marblehead Bank merged into State Bank.

Marblehead shareholders received $196.31 in cash for each share, valuing the transaction at $5m.

The Bank of Marblehead, located in Marblehead, Ohio, was founded in March 1907. It serves the communities of Marblehead, the City of Danbury and the surrounding Lake Erie areas with two full-service branches.

It is said to be the only physical banking institution on the Marble Peninsula.

State Bank Chairman President and CEO Mark Klein said: “Both of our banks share a deep commitment to serving our stakeholders, and this merger will strengthen our ability to provide personalized financial solutions and community-focused services.

“I am excited to see our teams come together to enhance the banking experience for our customers and drive continued growth in the communities we proudly serve.”

Vorys, Sater, Seymour & Pease provided legal advice to SB Financial, and Janney Montgomery Scott was Marblehead’s financial advisor, as well as providing an equity opinion to the board of directors.

Marblehead’s legal counsel was Shoemaker, Lupp & Kendrick.

In 2020, SB Financial obtained Edon Bancorp, parent of Edon State Bank.

“SB Financial finalizes Marblehead acquisition” was originally created and published by Retail Bank InternationalA brand owned by GlobalData.

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