August 25, 2018 at 5:29 a.m.
Ohio firm will by Bank of Geneva
Business roundup
Ohio firm will by Bank of Geneva
The parent company of Bank of Geneva is being acquired by Archbold, Ohio-based Farmers & Merchants Bancorp Inc.
The $88.8 million deal was announced this week by Limberlost Bancshares Inc. of Adams County and the Nasdaq-traded Farmers & Merchants.
Both companies’ boards of directors have approved the transaction, which is expected to close in late 2018 or early2019, and is subject to shareholder approval.
Under the terms of the deal, Limberlost shareholders will receive 1,830 shares of F&M common stock for each share of Limberlost common stock they own as well as $8,465 in cash.
Andrew Briggs, current Limberlost chairman, will be appointed to the board of F&M and its subsidiary, Farmers & Merchants State Bank. Current Bank of Geneva executive vice president Phil Lucas will become a senior vice president of Farmers & Merchants State Bank.
When complete and approved by banking regulators, F&M will take over Bank of Geneva’s offices, including one in Portland.
The acquisition will boost F&M’s consolidated assets to about $1.5 billion.
“F&M is pleased to combine our two strong institutions, which have a shared vision and shared values,” Paul Siebenmoren, chief executive of F&M, said in a prepared statement. “This is an excellent opportunity for the Bank of Geneva to become part of a larger banking organization that will allow us to offer customers in the communities served a wider range of financial services while still preserving the convenience of local decision makers.”
On Velocity
Local business B&B Powder Coating and Hydrographics will be featured on the Velocity network in September.
The Velocity program Truck U is doing afeature segment on the Weekender, an innovative roof rack system for Jeeps, that was invented by Dave Ludington of Farmland.
Ludington went to B&B for powder coating the product to match the finish of a 2019 Jeep Wrangler.
The program will air on Velocity at 10:30 a.m. Sept. 9.
B&B is owned by Bob DeWitt, who has grown the business since 2001.
OSHA class
OSHA Outreach Training Program for General Industry will be offered from 9 a.m. to 3 p.m. Sept. 18 at John Jay Center for Learning.
The class provides training for workers and employers on the recognition, avoidance, abatement, and prevention of safety and health hazards in workplaces in general industry. It is intended forentry level workers. Delivered by OSHA certified instructors, this training includes seven contact hours of mandatory topics and three contact hours of elective topics. Course completers will receive a 10-hour card from OSHA.
Registration deadline is Sept. 11, and the cost is $250. To register, call (260) 729-5525 extension 221.
Still lowest
Mercer County continues to post the lowest unemployment rate in Ohio.
The county’s jobless rate in July fell to 3 percent, down from 3.3 percent in June. The state’s unemployment rate for July was 4.6 percent.
Buys Keystone
Tyson Foods Inc.,parent company of Tyson Mexican Original of Portland, announced this week it will buy Keystone Foods, a major supplier of meat to fast food restaurants, in a $2.16 billion deal.
Keystone is a major supplier of chicken nuggets to McDonald’s and also produces beef patties, chicken wingsand fish filets.
The acquisition includes six processing plants and an “innovation center” in Alabama, Georgia, Kentucky, North Carolina, Pennsylvaniaand Wisconsin. It also includes several plants overseas.
Tom Hayes, president and chief executive officer of Tyson Foods, said in a prepared statement that Keystone “provides a significant foundation for international growth with its in-country operations, sales, and distribution network in high growth markets in the Asia Pacific region as well as exports to key markets in Europe, the Middle East, and Africa.”
Deathprobed
The Celina Daily Standard reported that the Occupation Safety and Health Administration is investigating the accidental death of a worker at Crown Equipment Corp. in New Bremen, Ohio.
A Crown employee, Travis Temple, 49, was apparently struck by a lift truck and later died from his injuries.
The $88.8 million deal was announced this week by Limberlost Bancshares Inc. of Adams County and the Nasdaq-traded Farmers & Merchants.
Both companies’ boards of directors have approved the transaction, which is expected to close in late 2018 or early
Under the terms of the deal, Limberlost shareholders will receive 1,830 shares of F&M common stock for each share of Limberlost common stock they own as well as $8,465 in cash.
Andrew Briggs, current Limberlost chairman, will be appointed to the board of F&M and its subsidiary, Farmers & Merchants State Bank. Current Bank of Geneva executive vice president Phil Lucas will become a senior vice president of Farmers & Merchants State Bank.
When complete and approved by banking regulators, F&M will take over Bank of Geneva’s offices, including one in Portland.
The acquisition will boost F&M’s consolidated assets to about $1.5 billion.
“F&M is pleased to combine our two strong institutions, which have a shared vision and shared values,” Paul Siebenmoren, chief executive of F&M, said in a prepared statement. “This is an excellent opportunity for the Bank of Geneva to become part of a larger banking organization that will allow us to offer customers in the communities served a wider range of financial services while still preserving the convenience of local decision makers.”
On Velocity
Local business B&B Powder Coating and Hydrographics will be featured on the Velocity network in September.
The Velocity program Truck U is doing a
Ludington went to B&B for powder coating the product to match the finish of a 2019 Jeep Wrangler.
The program will air on Velocity at 10:30 a.m. Sept. 9.
B&B is owned by Bob DeWitt, who has grown the business since 2001.
OSHA class
OSHA Outreach Training Program for General Industry will be offered from 9 a.m. to 3 p.m. Sept. 18 at John Jay Center for Learning.
The class provides training for workers and employers on the recognition, avoidance, abatement, and prevention of safety and health hazards in workplaces in general industry. It is intended for
Registration deadline is Sept. 11, and the cost is $250. To register, call (260) 729-5525 extension 221.
Still lowest
Mercer County continues to post the lowest unemployment rate in Ohio.
The county’s jobless rate in July fell to 3 percent, down from 3.3 percent in June. The state’s unemployment rate for July was 4.6 percent.
Buys Keystone
Tyson Foods Inc.,
Keystone is a major supplier of chicken nuggets to McDonald’s and also produces beef patties, chicken wings
The acquisition includes six processing plants and an “innovation center” in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania
Tom Hayes, president and chief executive officer of Tyson Foods, said in a prepared statement that Keystone “provides a significant foundation for international growth with its in-country operations, sales, and distribution network in high growth markets in the Asia Pacific region as well as exports to key markets in Europe, the Middle East, and Africa.”
Death
The Celina Daily Standard reported that the Occupation Safety and Health Administration is investigating the accidental death of a worker at Crown Equipment Corp. in New Bremen, Ohio.
A Crown employee, Travis Temple, 49, was apparently struck by a lift truck and later died from his injuries.
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