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The State Bank and Trust Company expands footprint to Ottawa County, Ohio
DEFIANCE, Ohio and MARBLEHEAD, Ohio, Jan. 17, 2025 (GLOBE NEWSWIRE) -- SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial”), parent company of The State Bank and Trust Company (“State Bank”), announced today the successful closing of the previously announced acquisition of Marblehead Bancorp, Inc. ("Marblehead"), parent company of The Marblehead Bank of Marblehead, Ohio (“The Marblehead Bank”). Upon the closing of the merger, Marblehead was combined and merged with and into SB Financial and Marblehead Bank was merged with and into State Bank. The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks and was approved and adopted by the shareholders of Marblehead in accordance with the terms of the merger agreement.
"We are delighted to welcome the staff, clients, community members, and former shareholders of Marblehead and The Marblehead Bank to the SB Financial and State Bank family," said Mark A. Klein, State Bank Chairman, President, and CEO. "Both of our banks share a deep commitment to serving our stakeholders, and this merger strengthens our ability to deliver personalized financial solutions and community-focused service. I am excited to see our teams come together to enhance the banking experience for our customers and foster continued growth in the communities we proudly serve."
Under the terms of the merger agreement, shareholders of Marblehead Bancorp received $196.31 in cash in exchange for each share of Marblehead Bancorp common stock for a transaction valued in aggregate at approximately $5.0 million.
This merger marks a significant milestone in SB Financial’s growth, extending our presence in the vibrant and expanding Northwest Ohio region. By joining forces with The Marblehead Bank, we are better positioned to serve the Marblehead community with an expanded suite of financial products and services. The combined organization, now managing approximately $1.4 billion in assets, is equipped to deliver exceptional service and innovative financial solutions, reflecting our commitment to fostering economic growth in the communities we serve.
Vorys, Sater, Seymour and Pease LLP served as legal counsel to SB Financial. Janney Montgomery Scott served as financial advisor to Marblehead and provided a fairness opinion to its Board of Directors. Shumaker, Loop & Kendrick, LLP served as Marblehead’s legal counsel.
About SB Financial Group, Inc.
Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for The State Bank and Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 25 offices: 24 in ten Ohio counties and one in Fort Wayne, Indiana, and 25 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State region. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.