Buckeye State Bancshares, Inc., parent company of Buckeye State Bank, and Rockhold Bancshares, Inc., parent company of Rockhold Bank announced the signing of a definitive merger agreement to which BSBi will acquire RBS. As of December 31,2022, Rockhold had approximately $47.6 million in assets with $40.8 million in deposits and $29.0 million in loans. By adding Rockhold’s Chillicothe and Bainbridge offices, Buckeye continues its expansion throughout the Buckeye State. The Agreement has been approved by both RBS, and BSBi’s Boards of Directors.
Buckeye was chartered in the state of Ohio as Citizens Bank of DeGraff in 1885 and was acquired by a group of local investors in 2014, led by CEO Shawn Keller and former OSU Quarterback, Stanley Jackson, who currently serves as a Vice President and Business Development Officer. Changing its name to Buckeye State Bank in 2014 to reflect its commitment to expand its banking services throughout Ohio, Buckeye has grown from $29 million in assets in 2014 to approximately $320.7 million in assets as of December 31, 2022.
Buckeye CEO Keller says, “We are excited about this opportunity to blend our two community-focused organizations. As an employee-owned community bank, we are committed to the communities we serve and look forward to sharing our Buckeye-style of banking with Rockhold Bank clients. Jon Wisecup and his team have done a great job of serving the local banking needs of Ross County. We look forward to working together to continue and expand that hometown-banking service.”
Rockhold Bank was established in 1867 in Bainbridge, Ohio and was chartered by the state of Ohio in 1943. Jon Wisecup, CEO of Rockhold says, “Serving our local communities is an integral part of who we are.
That spirit drove us to find the right bank partner to allow us to continue and expand on that tradition. Shawn and his team at Buckeye State Bank share our commitment to community. We are pleased to have found a partner that can continue what was started over 150 years ago.”
The transaction is expected to close in the third quarter of 2023, subject to receipt of all required regulatory approvals and approval from the RBS shareholders.