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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Rurban Financial Corporation
Actual Acquirer: State Bank & Trust Co.
Target: Oakwood Deposit Bank Company
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date2/4/2002
Announcement Date2/4/2002
Date Placed in Conservatorship2/1/2002
Estimated Cost to Reg Agency ($000)64,019
Cost to Reg Agency/ Deposits (%)NM
Cost to Reg Agency/ Assets (%)88.55
Assets Sold/ Assets (%)NA
Deal Summary
Defiance, Ohio-based Rurban Financial Corporation unit State Bank & Trust Company has agreed to assume all the insured deposits and to purchase certain assets of Oakwood, Ohio-based Oakwood Deposit Bank Co. Oakwood Deposit Bank Company had total core deposits of approximately $53.4 million as of December 31, 2001.
Deal Terms
Description of Consideration
Rurban Financial Corporation paid the FDIC a premium of $4,052,000 to assume insured deposits of Oakwood Deposit Bank.
Assets Sold in Resolution ($000)NA
Deposits Transferred ($000)57,300
Deposits Liquidated ($000)2,900
Premium Paid ($000)4,052
Deal Financials
Total Assets at Assumption ($000)72,300
Total Deposits at Assumption ($000)60,200
Core Deposits at Assumption ($000)53,369

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