Consumers Bancorp completes acquisition of two CFBank branches; adds $104M deposits

CONSUMERS BANCORP INC /OH/

Acquired branches in Calcutta and Wellsville, Ohio; retained branch staff as employees.
Consumers paid 1.75% deposit premium on average daily deposits and net book value for assets.
Acquired $104M in deposits, $15M subordinated debt securities, $13M loans, and $7.7M loan participations.
Expects to purchase an additional $7.3M in participation interests by December 31, 2021.
Post-acquisition total assets ~$930M, total deposits ~$827M; branches to open July 19.

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