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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

(17) Subsequent Events

 

On July 1, 2022, CBI consummated the merger of (i) Comunibanc Corp. (“Comunibanc”) with and into CBI and (ii) Henry County Bank, an Ohio banking corporation and wholly-owned subsidiary of Comunibanc, with and into Civista (the “Merger”), in accordance with the Agreement and Plan of Merger, dated as of January 10, 2022, by and between Civista and Comunibanc (the “Merger Agreement”).

 

Pursuant to the terms of the Merger Agreement, each share of Comunibanc common stock was converted into the right to receive $30.13 in cash and 1.1888 CBI common shares.  Cash will be paid in lieu of fractional shares.  In the aggregate, the Company paid approximately $25.0 million in cash and issued approximately 985 thousand shares of its common stock, valued at approximately $21.1 million as of July 1, 2022, in the Merger for a total transaction value of approximately $46.1 million.

 

The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the Merger.  Due to the recent closing, management remains in the early stages of reviewing the estimated fair values and evaluating the assumed tax positions of this Merger.  The Company expects to finalize its analysis of the acquired assets and assumed liabilities in this transaction within one year of the Merger.