United Bancshares, Inc. Announces Signing of Definitive Merger Agreement with Benchmark Bancorp, Inc.
March 22, 2017 – United Bancshares, Inc. (“UBOH”), holding company for The Union Bank Company, and Benchmark Bancorp, Inc. (“Benchmark”) are pleased to jointly announce today the signing of a definitive merger agreement under which UBOH has agreed to acquire all of the stock of Benchmark in an all-cash transaction valued at $29.5 million, or approximately $8.59 per Benchmark share. Under the terms of the agreement, Benchmark’s subsidiary, Benchmark Bank, is expected to merge with and into The Union Bank Company.
Benchmark Bancorp, Inc. is headquartered in Gahanna, Ohio, and is the holding company for Benchmark Bank, which was founded in 2005.
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Since 1904, Union Bank has been here to provide full service banking to the people and businesses throughout the communities we serve. Today, the bank has grown to include 15 offices across northwest and central Ohio, including Bowling Green, Columbus Grove, Delaware, Delphos, Findlay, Gibsonburg, Kalida, Leipsic, Lima (Bellefontaine Avenue, Elida Road, Shawnee Road), Marion (Main Street, Richland Road), Ottawa and Pemberville. The Union Bank Company is headquartered in Columbus Grove, Ohio, and remains committed to providing the very best banking service and products to all the communities we serve.
The Union Bank Company, a locally owned and operated subsidiary of United Bancshares, Inc. is traded on Nasdaq under the symbol of UBOH. As of December 31, 2016, United Bancshares, Inc., reported assets of $633.1 million.