Powell, Ohio-based Buckeye State Bank, a unit of Buckeye State Bancshares Inc., agreed to acquire Columbus, Ohio-based First City Bank.

Financial terms of the transaction were not disclosed in the merger release. The deal is expected to close in the fourth quarter.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between June 13, 2021, and June 13, 2022, averaged 149.22% of book and 150.65% of tangible book and had a median of 14.53x last-12-months earnings, on an aggregate basis.

First City Bank had about $73 million in total assets and $64 million in total deposits as of March 31, according to the release. Buckeye State Bank had roughly $263 million in assets as of the end of March and is expected to have assets of about $340 million post-acquisition.

With the acquisition, Buckeye State Bancshares will enter Franklin County, Ohio, with one branch to be ranked 27th with a 0.08% share of about $80.98 billion in total market deposits, according to Market Intelligence data.

Performance Trust was financial adviser and Dinsmore & Shohl LLP was legal counsel to Buckeye State Bank in the transaction. Keller and Co. was financial adviser and Becker & Lilly was legal counsel to First City Bank.

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