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Port Clinton News

Gem Beach to Rock Saturday, August 17

Gem Beach Rocks VI is fast approaching. The annual event featuring classic rock, food and cold beverage will be held on the shores of Lake Erie at Gem Beach on Catawba Island on August 17 from noon to 8 p.m. This year’s headliner band is Wally and the Beavs. The rest of the line-up includes The Reese Daily Band from Put-in-Bay, The Junk and Ronnie Howard with Cruisin’.

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Croghan Colonial acquiring National Bank of Ohio

Croghan Bancshares Inc., the holding company for Croghan Colonial Bank, and Indebancorp, the holding company for National Bank of Ohio announced today that they have signed a definitive agreement under which Croghan will acquire Indebancorp in a stock and cash merger transaction. Shareholders of Indebancorp will be entitled to elect to receive for each Indebancorp common share either $55 in cash, 1.630 shares of Croghan’s common stock, or a combination of cash and stock, subject to the overall consideration being 70% stock and 30% cash. Based upon the previous 20 day average closing price for Croghan of $34.40, the transaction is valued at approximately $28.9 million. The merger is expected to qualify as a tax-free reorganization. National Bank of Ohio operates four full-service branches in Oak Harbor, Port Clinton, Oregon and Curtice, and two Loan Production Offices in Perrysburg and Fremont, and has approximately $219 million of assets and $188 million of deposits. When the transaction is completed, Croghan will have approximately $850 million in assets and $718 million in deposits. The merger will enable Croghan to expand in the Ottawa, Wood, and Lucas County markets.

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