Civista Bancshares, Inc. Completes Acquisition of United Community Bancorp
SANDUSKY, Ohio (September 14, 2018) - Civista Bancshares, Inc. ("Civista") (NASDAQ: CIVB) today announced it has completed its acquisition of United Community Bancorp ("United Community") and is now operating as one company, having merged United Community into Civista. The transaction brings Civista's total assets to approximately $2.1 billion, based on information as of June 30, 2018.
In exchange for each share of United Community common stock issued and outstanding, United Community shareholders will receive 1.027 Civista common shares and $2.54 in cash.
"We are very excited to welcome United Community's customers and employees to the Civista family. We look forward to collaborating with United Community's team to grow and enhance their banking platform while maintaining strong ties to their communities. We believe the long-term growth potential of this partnership offers substantial upside for shareholders of both organizations," said Dennis G. Shaffer, President and CEO of Civista.
"After watching our teams work together over the past several months in preparation of bringing our organizations together, I could not be more confident in our decision to join the Civista family," stated E.G. McLaughlin, President and CEO of United Community. "The way Civista serves its customers and communities is consistent with the way UCB has served our customers and communities. We believe this merger is a great outcome for our customers, communities, employees and shareholders and positions us for continued success."
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