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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Rurban Financial Corporation
Actual Acquirer: Rurban Financial Corporation
Target: Citizens Savings Bank Company
Deal Type: Bank & Thrift Company
Agreement Date11/23/1993
Announcement Date11/23/1993
Announced Deal Value ($M)5.50
Completion Date10/3/1994
Announced Deal Value Per Share ($)70.39
Deal Pricing Ratios
Price / Book (%)117.8NA
Price / Tangible Book (%)117.8NA
Price / Earnings (x)12.9NA
Price / Deposits (%)9.17NA
Price / Assets (%)8.44NA
Tangible Book Premium/ Deposits (%)1.47NA
Deal Terms
Description of Consideration
Citizens Savings Bank shareholders received in aggregate $2,332,000 in cash and 76,000 shares of Rurban Financial common.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)1.055600
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNA
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesAustin Associates LLC
SellerYesKeyBanc Capital Markets Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesVorys Sater Seymour and Pease
SellerYesCaughey Kuhlman Beck

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