Acquiring Company
Buckeye State Bank (@BuckeyeStateBank)
Acquired Company
First City Bank
Description
Buckeye State Bank ("Buckeye") and First City Bank ("First City") announced the signing of a definitive merger agreement to which Buckeye will acquire First City. As of March 31, 2022, First City had approximately $73 million in total assets and $64 million in total deposits. Through First City's location at 1885 Northwest Blvd in Columbus, Buckeye will expand its market presence from its existing markets of DeGraff, Perrysburg and Powell, Ohio to the Upper Arlington and Grandview markets. The sale was unanimously approved by First City's directors and shareholders.
M&A Insights
Based on deal dataIntegration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed