SANDUSKY, Ohio, July 1, 2022
/PRNewswire/ -- Civista Bancshares, Inc. ("Civista") (NASDAQ: CIVB)
today announced it has completed its acquisition of Comunibanc
Corp. ("Comunibanc"), and its wholly-owned subsidiary The Henry
County Bank, effective as of July 1,
2022. The transaction brings Civista's total assets to
approximately $3.5 billion, based on
information as of March 31, 2022. In
exchange for each share of Comunibanc common stock issued and
outstanding, Comunibanc shareholders will receive 1.1888 shares of
Civista common stock and $30.13 in
cash.
"We are very pleased to complete this transaction, which expands
our presence in Henry and
Wood Counties in Northwest Ohio. We are also excited to welcome
Comunibanc's customers and employees to the Civista family. We look
forward to collaborating with Comunibanc's team to grow and enhance
their banking platform while maintaining strong ties to their
communities. We believe the long-term growth potential of this
partnership offers substantial upside for shareholders of both
organizations," said Dennis G.
Shaffer, CEO and President of Civista.
"After seeing our teams work together over the past several
months in preparation of bringing our organizations together, I am
more convinced than ever that Civista is the right partner for
Comunibanc," stated Bill Wendt,
Chairman and President of Comunibanc. "We continue to believe that
this merger is a great outcome for our customers, communities,
employees and shareholders and positions us for continued
success."
FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements may include: management plans relating to the merger
transaction with Comunibanc, any statements of the plans and
objectives of management for future operations, products or
services, any statements of expectation or belief; projections
related to certain financial metrics; and any statements of
assumptions underlying any of the foregoing. Forward-looking
statements are typically identified by words such as "believe,"
"expect," "anticipate," "intend," "seek", "plan", "will", "would",
"target" "outlook," "estimate," "forecast," "project" and other
similar words and expressions or negatives of these words.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time and are beyond our
control. Forward-looking statements speak only as of the date they
are made. Civista does not assume any duty and does not undertake
to update any forward-looking statements. Because forward-looking
statements are by their nature, to different degrees, uncertain and
subject to assumptions, actual results or future events could
differ, possibly materially, from those that Civista anticipated in
its forward-looking statements, and future results could differ
materially from historical performance. Factors that could cause or
contribute to such differences include, but are not limited to,
those included under Item 1A "Risk Factors" in Civista's Annual
Report on Form 10-K for the year ended December 31, 2021, and those disclosed in
Civista's other periodic reports filed with the Securities and
Exchange Commission (the "SEC").
These risks, as well as other risks associated with the merger
transaction, are more fully discussed in the joint proxy
statement/prospectus, as filed by Civista and Comunibanc with the
SEC pursuant to Rule 424(b)(3) on April 18,
2022 for Comunibanc's June 10,
2022 Special Meeting of Shareholders.
About Civista Bancshares,
Inc.
Civista Bancshares, Inc. is a $3.2
billion financial holding company headquartered in
Sandusky, Ohio. Prior to the
merger, Civista's banking subsidiary, Civista Bank, operated 35
locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky. Upon completion of the
merger, Civista will be an approximately $3.5 billion financial holding company, and
Civista Bank will operate an additional seven locations in
Northwestern Ohio. Additional
information on Civista may be accessed at www.civb.com, but
information at that website is not part of this press release nor
is it part of any filing by Civista with the Securities and
Exchange Commission. Civista's common shares are traded on the
NASDAQ Capital Market under the symbol "CIVB".
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SOURCE Civista Bancshares, Inc.