LCNB, the holding company for LCNB National Bank, signed a definitive merger agreement to acquire Columbus First Bancorp, the holding company for Columbus First Bank, in an all-stock transaction. Both boards of directors unanimously approved the transaction.

Columbus First operates one full-service office in Worthington, Ohio and has approximately $333.4 million in assets, $290.5 million in loans, $269.9 million of deposits and $32.3 million in consolidated equity as of September 30, 2017.

Columbus First shareholders will receive 2.00 shares of LCNB common stock for each outstanding share of Columbus First common stock. Any unexercised stock options of Columbus First will be canceled in exchange for a cash payment. Based on the LCNB closing share price as of December 20, 2017, the transaction is valued at $41.00 for each Columbus First share or approximately $66.9 million in aggregate.

Steve Foster, president and CEO of LCNB and LCNB National Bank, stated, “We are very excited to announce this acquisition. Columbus First Bank, its Board of Directors and staff have a great reputation throughout the Greater Columbus market as a ‘service first’ organization supported by dedicated and experienced personnel.”

Following the merger, John Smiley, current president and chief lending officer of Columbus First and Columbus First Bank, will join LCNB as executive vice president and Columbus market president. The LCNB board of directors will also appoint Rhett Huddle, chairman and CEO of Columbus First and Columbus First Bank, along with another Columbus First board member to the LCNB boards.

When the transaction is completed, LCNB estimates consolidated assets at approximately $1.65 billion, with 35 banking offices in Ohio. Subject to customary regulatory approvals, LCNB and Columbus First shareholder approvals and other conditions set forth in the definitive merger agreement, the transaction is anticipated to close in the second quarter of 2018. At that time, Columbus First Bank will become a branch of LCNB National Bank.

LCNB is being advised by ProBank Austin and Dinsmore & Shohl. Columbus First is being advised by Boenning & Scattergood and Vorys, Sater, Seymour and Pease.