Bexley Bank ("First Bexley") recently announced the signing of a definitive merger agreement with First Financial Bank, in which First Financial will acquire First Bexley in a cash and stock transaction, merging First Bexley into First Financial Bank.
Founded in 2006 and conducting operations out of one full service branch location in Bexley, First Bexley serves commercial and consumer clients throughout central Ohio. As of September 30, 2013, First Bexley had total assets of $295.4 million, total deposits of $271.1 million, total common shareholders' equity of $22.7 million, tangible book value per common share outstanding of $16.45 and net income for the last twelve months of $3.7 million.
"We are excited to have the opportunity to provide First Bexley's associates with an expanded product set to serve commercial and consumer clients as well as adding wealth management capabilities to further enhance customer relationships. Entering the Columbus market has been a strategic priority for us and First Bexley provides an excellent platform for continued growth," Claude Davis, president and CEO of First Financial said in a press release.
David Mallett, president and CEO of First Bexley, said "First Bexley clients will benefit from the additional services and capabilities of a larger community bank while continuing to receive the same high level of service delivered by the local team they know and trust."
The transaction is expected to be completed during the first half of 2014, subject to approval by First Bexley's shareholders, regulatory approvals and other customary closing conditions.