Area banks to merge

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Staff reports 5:46 PM Wednesday, July 1, 2009

NB&T Financial Group Inc. of Wilmington plans to merge with Community National Corp. of Franklin in a transaction valued at $6.8 million, the companies said Tuesday, June 30.

The merger of NB&T, parent of National Bank and Trust Co., with the Community National Bank has garnered approval from the boards of both companies. The proposed deal still needs regulatory and shareholder approval before it can close, the companies said.

The proposed merger agreement calls for Community Bank stakeholders with more than 1,500 shares to receive $11.41 in cash per share, 0.761 shares of NB&T, or a combination of both. Those holding 1,500 or fewer shares would receive for each share $11.41 in cash.

The stock swap would be considered a tax-free exchange, the companies said.

John Limbert, president and chief executive of NB&T, said the proposed deal would further NB&T’s growth in Warren County and give it a presence in Montgomery and Butler counties.

As of May 31, Community National had total assets of $99.2 million and deposits of $89.8 million.

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