New York City-based CSBH LLC is acquiring Powhatan, Va.-based New Horizon Bank NA, according to a report on Richmond BizSense, which cites a news release.

Under the terms of the deal, CSBH will pay $25.50 in cash for each share of New Horizon Bank stock. As the bank has about 450,000 outstanding shares, the deal's value is pegged at about $11.5 million, according to the report.

The transaction is expected to close later in 2020.

S&P Global Market Intelligence calculates the deal value to be 124.6% of common equity and tangible common equity and 31.5x earnings, on an aggregate basis. The deal value is also 13.09% of assets and 14.65% of deposits, and the tangible book premium to core deposits ratio is 4.59%.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southeast region between Jan. 24, 2019, and Jan. 24, 2020, averaged 158.56% of book and 165.18% of tangible book and had a median of 16.74x last-12-months earnings, on an aggregate basis.

New Horizon Bank has roughly $88 million in assets, according to the report. Based on S&P Global Market Intelligence data, the bank operates one branch in Powhatan County, ranked third with a 16.7% share of about $472.3 million in total market deposits.

The law firm Baker Donelson represented CSBH in the transaction, while Feldman Financial Advisors and the law firm Buckley advised New Horizon Bank.

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