FORT WAYNE, IN (June 14, 2018) – Ruoff Financial Corporation and SBB Bancshares, Inc. announced they have executed a definitive merger agreement in which Ruoff will acquire SBB in a cash transaction. As part of the transaction, the parties anticipate that State Bank of Burnettsville, the wholly-owned subsidiary of SBB, will be renamed and operate as Ruoff Bank.
The transaction is expected to be completed in the fourth quarter of 2018, subject to the approval of SBB’s shareholders, regulatory approvals and other customary closing conditions. No job losses are expected to result from the merger.
Ruoff is a Fort Wayne, Indiana-based company formed to acquire independent banks seeking strategic partnerships and to operate its primary enterprise, Ruoff Mortgage Company, Inc., d/b/a, Ruoff Home Mortgage. Ruoff intends to file all required regulatory applications to acquire SBB and become a bank holding company in connection with the proposed transaction. SBB, founded in 1902, serves the community banking needs of White, Carroll and Cass Counties, Indiana and surrounding areas through locations in Burnettsville and Monticello.
Mark Music, chairman of Ruoff Financial Corporation, said, “The White County market is well known to us and partnering with SBB will not only strengthen our brand in their home market, but also provide us a platform to begin offering deposit and other traditional banking services to residential mortgage customers throughout our entire mortgage market footprint.”
Patrick Duffey, president and CEO of SBB Bancshares, stated, “We are very excited to continue serving our clients as part of the Ruoff family. The larger lending capacity and broader product offering will only improve the positive experience our clients have come to expect from us for four generations. We know first-hand the quality of the Ruoff Home Mortgage experience and I am confident that our shared client-first approach will be recognized and valued by our long-time customers.” Duffey continued, “While our name will change, SBB clients will still see the same faces in our branch offices.”
SBB was advised by Renninger & Associates, LLC and the law firm of Barnes & Thornburg LLP. Ruoff was advised by the law firm of SmithAmundsen LLC.
About Ruoff Home Mortgage
Founded in 1984, Ruoff Home Mortgage is a full-service residential mortgage company with more than 46 branches throughout Indiana, Ohio, Michigan, Kentucky and Florida. They have been ranked on the Inc. 500/5000 Fastest Growing Companies in America for the past five years and are also ranked in the Top 100 Mortgage Lenders by Mortgage Executive Magazine and The Scotsman Guide. Ruoff Home Mortgage is also licensed to originate in 46 states.