M&A - SB FINANCIAL GROUP, INC.

Form Type: 10-Q

Filing Date: 2025-05-08

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025040974

Filing Summary: SB Financial Group, Inc. filed a Form 10-Q reporting its financial condition for the quarter ended March 31, 2025, including details of its acquisition of Marblehead Bancorp and its subsidiary. The company finalized the purchase on January 17, 2025, with Marblehead being merged into SBFG, enhancing its market presence in Northwest Ohio. Each Marblehead share was exchanged for $196.31 in cash, totaling $5 million. The acquisition resulted in a recorded goodwill of $3.9 million and an additional $1.7 million in intangible assets. In terms of financials, the latest quarter showed a net income of $2.158 million, a decrease from $2.368 million in the prior year, attributed to increased operating expenses and provisions for credit losses. Total assets increased to $1.501 billion, while the liabilities rose to $1.369 billion, with shareholders’ equity reaching $131.526 million. The report also discusses new accounting standards adopted and their implications on the financial statements.

Form Type: 8-K

Filing Date: 2025-01-21

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025004991

Filing Summary: On January 17, 2025, SB Financial Group, Inc. completed its acquisition of Marblehead Bancorp, Inc., which is the parent company of Marblehead Bank located in Marblehead, Ohio. The merger agreement received unanimous approval from the Boards of Directors of both organizations along with their subsidiary banks. Following the completion of the merger, every share of Marblehead common stock was exchanged for $196.31 in cash. The details of the acquisition were disclosed in a press release issued by the company.