Ohio bank nears key asset mark with $32M acquisition

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Richwood Bancshares in Richwood, Ohio, has agreed to buy Home City Financial in Springfield, Ohio.

The $513 million-asset Richwood said in a press release Wednesday that it will pay $31.7 million in cash for the $167 million-asset Home City. The deal is expected to close in the fourth quarter.

Home City has two branches, $145 million in loans and $119 million in deposits.

“This is a very exciting time for our company, customers and community,” Chad Hoffman, Richwood’s president and CEO, said in the release.

“It’s exciting to introduce our unique banking outreach model to those who call Springfield home,” Hoffman added. “This may be called an acquisition, but we view it as a partnership that allows us to expand our reach to more Ohioans like us.”

Mercer Capital and Dinsmore & Shohl advised Richwood. Boenning & Scattergood and Vorys, Sater, Seymour & Pease advised Home City.

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