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The Company's depositary shares, each representing a 1/40 th ownership interest in a Series B Preferred Share, are traded on the NASDAQ Capital Market under the symbol "FCZAP". The Company's banking subsidiary, The Citizens Banking Company, operates 24 locations in Central and North Central Ohio and markets itself as Champaign Bank and Citizens Bank.įirst Citizens Banc Corp's website may be accessed at The Company's common shares are traded on the NASDAQ Capital Market under the symbol "FCZA". First Citizens is being advised by Keefe Bruyette & Woods and is represented by Vorys, Sater, Seymour and Pease LLP as legal counsel.įirst Citizens Banc Corp is a $1.2 billion financial holding company headquartered in Sandusky, Ohio. TCNB is being advised by Performance Trust Capital Partners and Silver, Freedman, Taff & Tiernan LLP as legal counsel. On June 30, 2014, TCNB had total assets of $105 million, total loans of $75 million and total deposits of $93 million. Subject to receipt of necessary approvals from the appropriate regulatory authorities and the shareholders of TCNB, the transaction is anticipated to close during the first quarter of 2015. At that time, Citizens National's three offices will become branches of The Citizens Banking Company. First Citizens expects this acquisition to be accretive to earnings in 2015 and have a tangible book value earn-back of approximately 3.5 years. Under the terms of the agreement, First Citizens has agreed to pay $23.50 in cash for each outstanding share of TCNB common stock for a total cash consideration of approximately $17.2 million. In addition, we will have a significantly larger lending limit, which will allow us to invest even more in our local communities." Our customers will gain access to a greater array of products and services, including investment management, trust and more commercial banking products, while continuing to see the same high level service they have come to expect.
Sebastian Melluzzo, President & CEO of TCNB, noted, "We believe our merger with an outstanding community bank such as First Citizens will be beneficial for our customers and community. Because of the reputation of Citizens National and the additional products and resources our organization adds, we are optimistic for our growth prospects in Dayton." "The Dayton market is the fourth largest Metropolitan Statistical Area in Ohio. "Citizens National fits well with our business model of attracting deposits in rural markets and lending excess funds in urban markets," Miller added. We look forward to serving their customers and providing them a broader array of financial products." "Sebastian Melluzzo and the Citizens National team have built a strong franchise in the Dayton market and share our focus on relationship banking. Miller, First Citizens' President and CEO. "We are pleased to announce our agreement with TCNB Financial Corp," said James O. Citizens National currently operates three branches in the Dayton, Ohio market. 11, 2014 /PRNewswire/ - First Citizens Banc Corp ("First Citizens") (NASDAQ: FCZA), and TCNB Financial Corp, Dayton, Ohio ("TCNB") announced today that they have signed a definitive agreement and plan of merger which provides for First Citizens to acquire TCNB, and its wholly-owned subsidiary, The Citizens National Bank of Southwestern Ohio ("Citizens National"), in an all-cash transaction.
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