LCNB Corp. (LCNB), a financial holding company, announced on Wednesday that it has signed a definitive merger agreement with Eagle Financial Bancorp, Inc. (EFBI) the holding company for EAGLE.bank, where it will acquire the common shares of EFBI in a stock and cash transaction.
With this transaction LCNB is expecting to increase its presence in the Cincinnati market.
As per the terms of the merger, EFBI shareholders will have the opportunity to select to receive either 1.1401 shares of LCNB stock or $19.10 per share in cash for each share of EFBI common stock held.
Based on LCNB's closing share price of $14.65 as of November 28, and assuming 60 percent of the EFBI shares select stock, the transaction is valued at $23.1 million and has a blended value of $17.73 for each EFBI share.
LCNB is expecting the transaction to be modestly accretive in 2024 and to add value of around 11.5 percent in 2025 and around 11.1 percent in 2026 to the diluted earnings per share.
After the merger, Patricia Walter, president of EFBI and EAGLE.bank will join LCNB as an Executive Vice President.
In pre-market activity, LCNB shares are trading at $15, up 2.39% on the Nasdaq and on Tuesday, EFBI shares closed at $15.15.
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