EMLENTON – Emclaire Financial Corp., the parent holding company of Farmers National Bank of Emlenton, announced Monday that, as of October 1, it has completed the acquisition of Community First Bancorp Inc. of Reynoldsville, and its banking subsidiary Community First Bank.
The combined companies create a bank with approximately $900 million in total assets, providing banking services at 20 locations throughout Western Pennsylvania and in Hancock County, W.Va. The transaction will strengthen Emclaire’s presence in Clarion and Jefferson counties.
Bank officials said no additional capital was needed to complete the transaction and Emclaire and Farmers National remain “well-capitalized” institutions for regulatory purposes.
Under the terms of the merger agreement, shareholders of Community First will receive 1.2008 shares of Emclaire common stock and $6.95 in cash for each share of Community First common stock they owned. In addition, each share of preferred stock of Community First Bank will be exchanged for similar shares of preferred stock of Emclaire.
William C. Marsh, chairman, president and chief executive officer of Emclaire and Farmers National, stated, “We are pleased to welcome all Community First depositors, customers and shareholders to the Emclaire family. We are excited to grow our franchise and look forward to building upon and enhancing the customer relationships that Community First developed over the years. We believe we can provide Community First customers with a broader array of banking services, including expanded commercial and consumer lending capabilities and a more robust array of depository products and services. We welcome Henry H. Deible and Henry H. Deible II to the boards of directors of Emclaire and Farmers National.”