Note 2 - Acquisition

3 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note

2

–

Acquisition

On

June 14, 2019,

Consumers entered into an Agreement and Plan of Merger (Merger Agreement) with Peoples Bancorp of Mt. Pleasant, Inc. (Peoples) and its wholly owned subsidiary, The Peoples National Bank of Mount Pleasant. Each Peoples shareholder will receive

63.16

common shares of Consumers common stock or

$1,200.00

in cash, subject to total consideration being paid

50%

in Consumers common shares and

50%

cash as provided in the Merger Agreement. Based on Consumers’

20

-day average closing price of

$19.07

on

June 13, 2019,

the aggregate implied transaction value was approximately

$10.3

million. On

September 30, 2019,

Peoples had approximately

$72.4

million in total assets,

$54.2

million in loans and

$62.7

million in deposits at its

three

banking centers located in Mt. Pleasant, Adena, and Dillonvale, Ohio. The transaction is expected to close in

January 2020,

pending the completion of customary closing conditions. All necessary shareholder and regulatory approvals have been received.