SB Financial Group Completes Acquisition of Marblehead Bancorp

On January 17, 2025, SB Financial Group, Inc. (NASDAQ: SBFG) successfully finalized the acquisition of Marblehead Bancorp, Inc., further expanding its presence in Ottawa County, Ohio. This acquisition, valued at approximately $5.0 million, marks a significant milestone for SB Financial Group as it continues to grow and strengthen its market position.

The merger involved combining Marblehead Bancorp, parent company of The Marblehead Bank of Marblehead, Ohio, into SB Financial, and integrating Marblehead Bank into The State Bank and Trust Company, a subsidiary of SB Financial. The Boards of Directors of both companies unanimously approved the merger agreement, which was also endorsed by Marblehead’s shareholders.

In line with the merger agreement, shareholders of Marblehead Bancorp received $196.31 in cash for each share of Marblehead Bancorp common stock. This strategic move, transitioning Marblehead Bancorp’s operations under SB Financial Group, enables the combined entity to offer an enhanced range of financial products and services to customers in the Marblehead community.

Mark A. Klein, Chairman, President, and CEO of State Bank, expressed enthusiasm about the merger, highlighting the shared commitment of both institutions towards their stakeholders. He emphasized the merger’s potential to deliver tailored financial solutions and community-centric services. The combined organization now manages approximately $1.4 billion in assets, emphasizing a strong dedication to promoting economic growth in the regions they serve.

Legal counsel during the acquisition process included Vorys, Sater, Seymour and Pease LLP for SB Financial and Shumaker, Loop & Kendrick, LLP for Marblehead. Financial advice to Marblehead was provided by Janney Montgomery Scott, serving as the financial advisor and providing a fairness opinion to its Board of Directors.

SB Financial Group, Inc., based in Defiance, Ohio, serves as a diversified financial services holding company for The State Bank and Trust Company (State Bank) and SBFG Title, LLC. State Bank provides a comprehensive suite of financial services for consumers and small businesses, operating through multiple offices across Ohio and Indiana.

Marblehead Bancorp, headquartered in Marblehead, Ohio, is known for The Marblehead Bank’s longstanding presence in providing local banking services to the residents of Marblehead and surrounding communities.

This acquisition reinforces SB Financial Group’s commitment to growth and expanding its footprint, positioning the company strategically for continued success in the financial services sector. For additional information, interested parties can access the related Press Release dated January 17, 2025, on SB Financial Group’s corporate website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SB Financial Group’s 8K filing here.

About SB Financial Group

SB Financial Group, Inc operates as the financial holding company for the State Bank and Trust Company that provides a range of commercial banking and wealth management services to individual and corporate customers primarily in Ohio, Indiana, and Michigan. It offers checking, savings, money market accounts, as well as time certificates of deposit; and commercial, consumer, agricultural, and residential mortgage loans.