North Valley Bank enters agreement to buy Ohio Valley Bank branches

Ohio Valley Banc and North Valley Bancshares announced that The Ohio Valley Bank Company has entered into a purchase and assumption agreement to sell branches in Mount Sterling and New Holland, Ohio, to North Valley Bank. The purchase and assumption agreement provides for the transfer by Ohio Valley Bank to North Valley Bank of approximately $26.4M in deposits, the land and buildings associated with both Ohio Valley Bank branches and other assets in exchange for the net book value of such other assets and a deposit premium equal to 5.00% of the average daily deposits for the 30 days preceding closing. The purchase of the branches by North Valley Bank is subject to regulatory approval and satisfaction of certain conditions. North Valley Bank expects to close on its acquisition of the two Ohio Valley Bank branches in the second half of 2019, at which point they will be converted to operate under the North Valley Bank name.