Commodore Financial Network, Inc. has agreed to be acquired by North Valley Bancshares, Inc.
THE TRANSACTION
On February 26, 2024, North Valley Bancshares, Inc., (“NVBI”) the parent company of North Valley Bank, Zanesville, Ohio, and Commodore Financial Network, Inc., (“CFNI”) the parent company of Commodore Bank, Somerset, Ohio, announced that the two organizations have signed a definitive agreement for NVBI to acquire CFNI in an all-cash transaction. Financial terms of the transaction were not disclosed.
The board directors from both institutions have unanimously approved the transaction, which is expected to close in the second or third quarter of 2024, subject to customary closing conditions, the approval of CFNI’s shareholders, and regulatory approvals.
Upon completion of the transaction, the Somerset, Millersport and Hebron locations of Commodore Bank will operate as branches of North Valley Bank.
Our Client
COMMODORE FINANCIAL SERVICES, INC.
Commodore Financial Network, Inc. is the parent company of Commodore Bank, Somerset, Ohio, a community bank with three full-service offices serving Fairfield, Licking and Perry Counties. As of December 31, 2023, Commodore Bank had $89 million in total assets. To learn more, please visit: commodorebank.com.
Transaction Partner
NORTH VALLEY BANCSHARES, INC.
North Valley Bancshares, Inc. is the parent company of North Valley Bank, Zanesville, Ohio, a community bank with seven full-service offices serving Licking, Madison, Morgan, Muskingum, Perry and Pickaway Counties. North Valley Bank also operates two business banking centers in Pataskala and downtown Zanesville. North Valley Bank is designated as a Preferred Lender by the Small Business Administration. As of December 31, 2023, North Valley Bank had $312 million in total assets. To learn more, please visit: www.nvboh.bank.
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