XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Note 8 - Mergers and Acquisitions | 3 Months Ended
--- | ---
Mar. 31, 2016
Disclosure Text Block Supplement [Abstract] |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | NOTE 8 – MERGERS AND ACQUISITIONS On January 7, 2016, Ohio Valley and Milton Bancorp, Inc. (“Milton Bancorp”), entered into an Agreement and Plan of Merger (“Merger Agreement”). The Merger Agreement provides for a business combination whereby Milton Bancorp will merge with and into Ohio Valley and Milton Bancorp’s banking subsidiary, The Milton Banking Company, will merge with and into the Bank. At the effective time and as a result of the Merger, each of the 400 Milton Bancorp common shares issued and outstanding shall be converted into the right to receive, at the election of the holder thereof, the following: (i) 1,636 of Ohio Valley’s common shares; (ii) cash in the amount of $37,219; or (iii) a combination of cash and Ohio Valley common shares. The form of consideration to be received by each Milton Bancorp shareholder is subject to reallocation in order to ensure that 20% of the outstanding Milton Bancorp shares are exchanged for cash and 80% of the outstanding Milton Bancorp shares are exchanged for Ohio Valley common shares. Each of the 1,237 Milton Bancorp preferred shares issued and outstanding shall be converted into the right to receive a cash payment in the amount of $3,600 per Milton Bancorp preferred share. Ohio Valley intends to finance all or part of the cash portion of the purchase price through borrowed funds. Milton Bancorp operates five branches with assets of $141 million, loans of $110 million and deposits of $126 million. After the merger, the Company's total assets will exceed $900 million and branches will increase to 19 locations. The merger consideration was valued at $20 million at the time of signing the merger agreement. The transaction is subject to certain conditions, including the approval of regulatory authorities and the shareholders of Milton Bancorp. The merger is expected to be completed by the third quarter of 2016.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration