The parent company of Delaware County Bank has been sold.
Pennsylvania-based First Commonwealth announced this morning that it bought the DCB Financial for $106 million, or $14.50 per share.
The move by First Commonwealth is another step into the Ohio market.
Last week, the bank bought 13 offices in northeast Ohio that Huntington Bancshares had to sell as part of its acquisition of Akron-based FirstMerit. In 2015, First Commonwealth entered the Columbus market by buying First Community Bank.
The acquisition will give First Commonwealth nine banking offices in the Columbus region, most of the them in the rapidly growing Delaware County area.
DCB Financial shareholders will have the option of taking 1.427 shares of First Commonwealth stock or $14.50 in cash for each share they own. The $14.50 is nearly double the $7.65 that the shares closed at Friday.
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