DEFIANCE — First Defiance Financial Corp., parent firm First Federal Bank of the Midwest, said Tuesday that it has agreed to acquire Columbus-based First Community Bank for $12.9 million, a move that will give it a foothold in the Columbus market.
First Defiance said the acquisition will be a straight cash transaction, and First Community will be merged into First Federal Bank.
First Community, founded in 1903, has four branches in the Columbus area. As of Dec. 31 it had assets of $101.4 million, loans of $65.4 million, deposits of $90.5 million, and common equity of $10.6 million.
Under the deal First Federal Bank of the Midwest will receive all outstanding shares of First Community Bank, subject to certain adjustment factors. The transaction already has been approved by boards of directors of both banks.
The deal is expected to close by the end of the third quarter, subject to regulatory approvals.
“We are excited to announce our expansion into the Columbus market with the acquisition of First Community Bank. We believe that First Community’s ‘customer and community first’ philosophy is a great match with First Defiance’s culture,” said Donald Hileman, president and CEO of First Defiance.
Sherran Blair, chairman, president, and CEO of First Community, said, “We are very happy to partner with such a quality community bank. First Defiance has been serving its local communities for over 90 years, and they share our vision and community banking philosophies. First Community has been owned by my family for generations and I am very pleased to see the bank’s legacy continue as part of such a strong company.”