Milton Bancorp preferreds to be repaid in acquisition by Ohio Valley

By Tanya Meyer

Chicago, Jan. 8 – Milton Bancorp, Inc.’s outstanding preferred shares will be redeemed for cash as part of a merger agreement in which Milton Bancorp will be merged into Ohio Valley Banc Corp.

Closing of the acquisition by Ohio Valley is expected to be completed by the third quarter.

Under the terms of the agreement, 80% of Milton Bancorp’s common shares will be exchanged for Ohio Valley Banc common shares and the other 20% will be exchanged for cash, according to a news release.

The total transaction is valued at approximately $20 million, based on the Jan. 6 closing sale price of Ohio Valley Banc common shares.

Milton Bancorp is the parent company of the Milton Banking Co. based in Wellston, Ohio. Ohio Valley Banc is the parent company of the Ohio Valley Bank Co. based in Gallipolis, Ohio.

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