DEFIANCE - First Defiance Financial Corp. announced yesterday it has an agreement to buy ComBanc Inc. and its Commercial Bank subsidiary, both of Delphos.
The transaction is valued at $38 million, the acquirer said. ComBanc shareholders can select cash of $17.20 a share or equivalent shares of First Defiance, subject to some conditions, the buyer said.
Combanc has $209 million in assets, $175 million in deposits, $120 million in loans, and eight bank branches in Delphos, Lima, Elida, and Allen County. First Defiance, which owns First Federal Bank of the Midwest, expects the deal to be finalized early next year.