2023-05-18 09:22:44 ET
LCNB ( NASDAQ: LCNB ), the holding company for LCNB National Bank, and Cincinnati Bancorp ( OTCQX:CNNB ) will merge , whereby LCNB will acquire CNNB in a stock-and-cash transaction.
CNNB shareholders can receive either 0.9274 shares of LCNB stock or $17.21 per share in cash for each share of CNNB, subject to 80% of all CNNB shares being exchanged for LCNB stock.
As of March 31, 2023, CNNB reported 2.88M shares, as well as ~296K options with a weighted average strike price of $10.65 per share.
Based on the LCNB closing share price as of May 17, 2023, the transaction consideration is valued at $15.05 for each CNNB share or ~$43.7M in aggregate which equates to a 108.9% multiple of tangible book value, a 32.3x multiple on LTM earnings and a core deposit premium of 2.3% as of March 31, 2023.
For further details see:
LCNB to acquire Cincinnati Bancorp