Civista Bancshares To Acquire Vision Financial

(RTTNews) - Civista Bancshares, Inc. (CIVB) Friday announced a definitive agreement pursuant to acquiring Pittsburgh-based Vision Financial Group, Inc. The transaction in cash and shares of Civista common stock is expected to close on October 3.

The acquisition of full-service general equipment leasing & financing company is expected to be approximately 6.4 percent accretive to Civista's earnings per share in the first-year post-integration and approximately 15.1 percent accretive in 2024.

Upon completion of the transaction, Vision Financial will be a subsidiary of Civista Bank and CEO Bill Summers will continue.

Pursuant to the purchase agreement, an additional amount to be paid in shares of Civista common stock is subject to certain "earn-out" payments annually for two years following the closing of the acquisition.

This partnership will also allow Civista to expand its product offerings and provide complementary services to its existing commercial lending customers.

Subject to the terms of the purchase agreement, which has been unanimously approved by the Boards of Directors of Civista and the shareholder of VFG, Civista has agreed to acquire all of the issued and outstanding shares of VFG in exchange for consideration in the form of