<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) September 16, 1998
------------------
Citizens Bancshares, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Ohio
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
33-21296 34-1372535
- ------------------------ -----------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
10 East Main Street, Salineville, Ohio 43945
330/679-2328
- --------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
Item 5. Other Events
- ------- ------------
On July 22, 1998, Citizens Bancshares, Inc. ("Bancshares") and
The Ohio Bank ("Bank") entered into a definitive Agreement and Plan of Merger
providing for the merger of an interim bank subsidiary of Bancshares with and
into Bank (the "Bank Merger"). The transaction is expected to be accounted for
as a pooling of interests for accounting and financial reporting purposes. On
September 16, 1998, a Form S-4 Registration Statement (Registration No.
333-63533) containing the pro forma financial information of the combined entity
was filed with the Securities and Exchange Commission.
Attached to this Current Report on Form 8-K as Exhibit 99.1 are Pro
Forma Financial Statements giving effect to Bancshares' proposed merger with Mid
Am, Inc. (the "Mid Am Merger") and giving effect to the Bank Merger.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
The following pro forma financial information giving effect to the Mid
Am Merger and giving effect to the Bank Merger is submitted herewith and is
attached as Exhibit 99.1 to this Current Report on Form 8-K:
(i) Pro Forma Condensed Consolidated Balance Sheet as of June 30,
1998.
(ii) Pro Forma Condensed Combined Income Statement for the Six
Months Ended June 30, 1998 and 1997.
(iii) Pro Forma Condensed Combined Income Statement for the Years
Ended December 31, 1997, 1996 and 1995.
Exhibit No. Exhibit
2.1 Amended and Restated Agreement and Plan of Merger, dated as of August
5, 1998, between Citizens Bancshares, Inc. and Mid Am, Inc.
(incorporated by reference to Exhibit 2 of Form S-4 Registration
Statement No. 333-60741).
2.2 Agreement and Plan of Merger, dated as of July 22, 1998, between
Citizens Bancshares, Inc., The Ohio Bank and Interim Bank (incorporated
by reference to Exhibit 2 of Form S-4 Registration No. 333-63533).
23.1 Consent of Independent Auditors Crowe, Chizek and Company LLP.
23.2 Consent of Independent Auditors SR Snodgrass.
99.1 Pro Forma Financial Information.
99.2 The Ohio Bank Financial Statements (incorporated by reference to The
Ohio Bank Financial Statements of Form S-4 Registration No. 333-63533).
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Citizens Bancshares, Inc.
------------------------------
(Registrant)
Date: September 23, 1998 By:/s/ Marty E. Adams
------------------
Marty E. Adams, President
and Chief Executive Officer
<PAGE> 1
Exhibit 23.1
CONSENT OF INDEPENDENT AUDITORS
We hereby consent to the incorporation by reference in this Current Report on
Form 8-K of Citizens Bancshares, Inc. ("the Corporation") of our report dated
February 19, 1998 on The Ohio Bank's balance sheets as of December 31, 1997
and 1996 and the related statements of income, shareholders' equity and cash
flows for each of the three years in the period ended December 31, 1997, which
report is included in the Corporation's Registration Statement on Form S-4 (SEC
File Number 333-63533.)
/s/ Crowe, Chizek and Company LLP
Crowe, Chizek and Company LLP
Columbus, Ohio
September 22, 1998
<PAGE> 1
Exhibit 23.2
CONSENT OF INDEPENDENT AUDITORS
We consent to the use by reference in this Form 8-K to the Registration
Statement of Citizens Bancshares, Inc. on Form S-4 (Registration No. 333-63533),
which incorporates by reference our report dated January 16, 1998 (relating to
the consolidated financial statements of Century Financial Corporation as of
December 31, 1997 and 1996 and for each of the three years in the period ended
December 31, 1997) appearing in the financial statements and exhibits of this
Form 8-K.
/s/ S. R. Snodgrass, A.C.
Wexford, PA
September 23, 1998
<PAGE> 1
Exhibit 99.1
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
The following unaudited pro forma condensed combined balance sheet as of
June 30, 1998 and the pro forma condensed combined income statements for The
six-month periods ended June 30, 1998 and 1997 and for each of the three years
in the period ended December 31, 1997, give effect to the merger of an interim
bank subsidiary of Citizen Bancshares, Inc. ("Bancshares") with and into The
Ohio Bank ("Bank") (the "Bank Merger"), to be accounted for as a pooling of
interests. The pro forma information is based on the historical consolidated
financial statements of Bancshares, Mid Am, Inc. ("Mid Am") and Bank under the
assumptions and adjustments set forth in the accompanying notes to the pro
forma condensed combined financial statements. The pro forma condensed combined
financial statements have been prepared by the managements of Bancshares, Mid
Am and Bank based on their respective consolidated financial statements. Pro
forma per share amounts are based on the conversion rate of 0.77 of a share of
Bancshares Common Shares for each Mid Am Common Share in the merger of Mid Am
with and into Bancshares (the "Mid Am Merger") and the conversion rate of 63.25
shares of Bancshares Common Shares for each Bank Common Share (including Class
A Common Shares and Class B Common Shares) in the Bank Merger.
The pro forma condensed combined financial statements include results of
operations as if the Bank Merger had been consummated as of the beginning of the
earliest period presented. The pro forma condensed combined balance sheet
reflects preliminary estimates by Bancshares, Mid Am and Bank of merger-related
charges to be incurred in connection with the consummation of the mergers;
however, the pro forma condensed combined income statements do not reflect these
charges nor the cost savings anticipated to result from the mergers. The current
estimate of merger-related charges is considered preliminary based on the due
diligence that has been performed to date by management in connection with the
mergers and is subject to change. The actual charges incurred may be higher or
lower than what is currently estimated. Merger-related charges are contingent
upon consummation of the mergers and would be recognized for each merger in the
period in which that merger closes.
The pro forma condensed combined financial statements should be read in
conjunction with the historical consolidated financial statements and notes
thereto of Bancshares, Mid Am and Bank and the supplemental consolidated
financial statements and notes thereto of Bancshares. Pro forma financial
statements are presented for informational purposes only and are not necessarily
indicative of the results of operations or combined financial position that
would have resulted had the Bank Merger been consummated as of the beginning of
the earliest period indicated, nor are they necessarily indicative of future
results of operations or combined financial position.
<PAGE> 2
CITIZENS BANCSHARES, INC.
MID AM, INC.
THE OHIO BANK
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1998
<TABLE>
<CAPTION>
BANCSHARES AND BANCSHARES, MID AM
MID AM AND OHIO BANK
PRO FORMA PRO FORMA PRO FORMA PRO FORMA
BANCSHARES MID AM ADJUSTMENTS COMBINED OHIO BANK ADJUSTMENTS COMBINED
---------- ---------- ----------- ------------ --------- ----------- ----------------
(IN THOUSANDS)
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and due from
banks.............. $ 54,966 $ 101,787 $ 156,753 $ 15,312 $ 172,065
Federal funds sold
and interest-
bearing deposits... 20,452 28,014 48,466 2,200 50,666
Securities........... 523,108 421,020 944,128 143,369 1,087,497
Loans, net........... 1,121,976 1,634,545 2,756,521 420,155 3,176,676
Premises and
equipment.......... 29,518 53,599 83,117 8,479 91,596
Accrued interest
receivable and
other assets....... 54,458 43,017 $ 7,000(1) 104,475 10,033 $ 1,400(1) 115,908
---------- ---------- -------- ---------- -------- ------- ----------
Total assets....... $1,804,478 $2,281,982 $ 7,000 $4,093,460 $599,548 $ 1,400 $4,694,408
========== ========== ======== ========== ======== ======= ==========
LIABILITIES
Deposits............. $1,400,225 $1,811,696 $3,211,921 $530,975 $3,742,896
Federal funds
purchased and
repurchase
agreements......... 79,873 106,408 186,281 -- 186,281
Other debt and
Federal Home Loan
Bank advances...... 151,805 179,463 331,268 11,317 342,585
Accrued interest
payable and other
liabilities........ 13,559 21,210 $ 25,000(1) 59,769 4,705 $ 5,000(1) 69,474
---------- ---------- -------- ---------- -------- ------- ----------
Total
liabilities...... 1,645,462 2,118,777 25,000 3,789,239 546,997 5,000 4,341,236
SHAREHOLDERS'
EQUITY............. 159,016 163,205 (18,000)(1) 304,221 52,551 (3,600)(1) 353,172
---------- ---------- -------- ---------- -------- ------- ----------
Total liabilities
and shareholders'
equity........... $1,804,478 $2,281,982 $ 7,000 $4,093,460 $599,548 $ 1,400 $4,694,408
========== ========== ======== ========== ======== ======= ==========
</TABLE>
- ---------------
(1) Preliminary estimates of merger-related charges. As a result, an estimated
$8.4 million current and deferred tax asset is included herein.
<PAGE> 3
CITIZENS BANCSHARES, INC.
MID AM, INC.
THE OHIO BANK
PRO FORMA CONDENSED COMBINED INCOME STATEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 1998
<TABLE>
<CAPTION>
BANCSHARES AND BANCSHARES, MID AM
MID AM AND OHIO BANK
PRO FORMA PRO FORMA
BANCSHARES MID AM COMBINED OHIO BANK COMBINED
---------- ------ ------------ --------- ----------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees........ $52,633 $74,596 $127,229 $19,034 $146,263
Securities and other......... 16,894 12,942 29,836 4,341 34,177
------- ------- -------- ------- --------
Total interest income... 69,527 87,538 157,065 23,375 180,440
INTEREST EXPENSE
Deposits..................... 27,320 34,493 61,813 11,281 73,094
Borrowings................... 6,249 8,015 14,264 144 14,408
------- ------- -------- ------- --------
Total interest
expense............... 33,569 42,508 76,077 11,425 87,502
------- ------- -------- ------- --------
NET INTEREST INCOME.......... 35,958 45,030 80,988 11,950 92,938
PROVISION FOR LOAN LOSSES.... 3,409 2,450 5,859 528 6,387
------- ------- -------- ------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN
LOSSES..................... 32,549 42,580 75,129 11,422 86,551
OTHER INCOME................. 6,028 39,316 45,344 2,630 47,974
OTHER EXPENSES............... 25,628 58,694 84,322 8,874 93,196
------- ------- -------- ------- --------
INCOME BEFORE INCOME TAXES... 12,949 23,202 36,151 5,178 41,329
INCOME TAXES................. 3,770 7,313 11,083 1,625 12,708
------- ------- -------- ------- --------
NET INCOME................... $ 9,179 $15,889 $ 25,068 $ 3,553 $ 28,621
======= ======= ======== ======= ========
EARNINGS PER COMMON SHARE
Basic........................ $ 0.52 $ 0.67 $ 0.70 $ 44.63 $ 0.70
======= ======= ======== ======= ========
Basic -- Class B............. $ 40.57(1)
=======
Diluted...................... $ 0.52 $ 0.66 $ 0.69 $ 44.63 $ 0.69
======= ======= ======== ======= ========
Diluted -- Class B........... $ 40.57(1)
=======
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic........................ 17,701 23,567 35,848 46 41,098
======= ======= ======== ======= ========
Basic -- Class B............. 37(1)
=======
Diluted...................... 17,812 24,128 36,391 46 41,641
======= ======= ======== ======= ========
Diluted -- Class B........... 37
=======
</TABLE>
- ---------------
(1) The Ohio Bank has two classes of stock with no potentially dilutive
securities. Only one class of common stock, without par, will be issued in
the merger.
<PAGE> 4
CITIZENS BANCSHARES, INC.
MID AM, INC.
THE OHIO BANK
PRO FORMA CONDENSED COMBINED INCOME STATEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 1997
<TABLE>
<CAPTION>
BANCSHARES AND BANCSHARES, MID AM
MID AM AND OHIO BANK
PRO FORMA PRO FORMA
BANCSHARES MID AM COMBINED OHIO BANK COMBINED
---------- ------ ------------ --------- ----------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees.......... $47,766 $71,195 $118,961 $ 17,690 $136,651
Securities and other........... 15,615 12,747 28,362 4,096 32,458
------- ------- -------- -------- --------
Total interest income..... 63,381 83,942 147,323 21,786 169,109
INTEREST EXPENSE
Deposits....................... 24,279 34,413 58,692 10,514 69,206
Borrowings..................... 5,405 5,248 10,653 176 10,829
------- ------- -------- -------- --------
Total interest expense.... 29,684 39,661 69,345 10,690 80,035
------- ------- -------- -------- --------
NET INTEREST INCOME............ 33,697 44,281 77,978 11,096 89,074
PROVISION FOR LOAN LOSSES...... 1,215 2,759 3,974 528 4,502
------- ------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES.... 32,482 41,522 74,004 10,568 84,572
OTHER INCOME................... 4,951 33,884 38,835 2,112 40,947
OTHER EXPENSES................. 19,961 50,039 70,000 8,626 78,626
------- ------- -------- -------- --------
INCOME BEFORE INCOME TAXES..... 17,472 25,367 42,839 4,054 46,893
INCOME TAXES................... 5,340 8,637 13,977 1,242 15,219
------- ------- -------- -------- --------
NET INCOME..................... $12,132 $16,730 $ 28,862 $ 2,812 $ 31,674
======= ======= ======== ======== ========
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS................. $12,132 $16,125 $ 28,257 $ 2,812 $ 31,069
======= ======= ======== ======== ========
EARNINGS PER COMMON SHARE
Basic.......................... $ 0.69 $ 0.69 $ 0.79 $ 35.33 $ 0.76
======= ======= ======== ======== ========
Basic -- Class B............... $ 32.12(1)
========
Diluted........................ $ 0.68 $ 0.65 $ 0.77 $ 35.33 $ 0.74
======= ======= ======== ======== ========
Diluted -- Class B............. $ 32.12(1)
========
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic.......................... 17,654 23,309 35,602 45 40,852
======= ======= ======== ======== ========
Basic -- Class B............... 38(1)
========
Diluted........................ 17,747 25,728 37,558 45 42,808
======= ======= ======== ======== ========
Diluted -- Class B............. 38(1)
========
</TABLE>
- ---------------
(1) The Ohio Bank has two classes of stock with no potentially dilutive
securities. Only one class of common stock, without par, will be issued in
the merger.
<PAGE> 5
CITIZENS BANCSHARES, INC.
MID AM, INC.
THE OHIO BANK
PRO FORMA CONDENSED COMBINED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
BANCSHARES AND BANCSHARES, MID AM
MID AM AND OHIO BANK
PRO FORMA PRO FORMA
BANCSHARES MID AM COMBINED OHIO BANK COMBINED
---------- ------ ------------ --------- ----------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees......... $99,187 $146,266 $245,453 $36,449 $281,902
Securities and other.......... 32,480 24,936 57,416 8,213 65,629
------- -------- -------- ------- --------
Total interest income.... 131,667 171,202 302,869 44,662 347,531
INTEREST EXPENSE
Deposits...................... 51,253 69,301 120,554 21,662 142,216
Borrowings.................... 11,956 12,375 24,331 370 24,701
------- -------- -------- ------- --------
Total interest expense... 63,209 81,676 144,885 22,032 166,917
------- -------- -------- ------- --------
NET INTEREST INCOME........... 68,458 89,526 157,984 22,630 180,614
PROVISION FOR LOAN LOSSES..... 4,335 5,527 9,862 1,066 10,928
------- -------- -------- ------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES... 64,123 83,999 148,122 21,564 169,686
OTHER INCOME.................. 10,991 66,569 77,560 4,607 82,167
OTHER EXPENSES................ 43,228 104,052 147,280 17,503 164,783
------- -------- -------- ------- --------
INCOME BEFORE INCOME TAXES.... 31,886 46,516 78,402 8,668 87,070
INCOME TAXES.................. 9,466 15,635 25,101 2,649 27,750
------- -------- -------- ------- --------
NET INCOME.................... $22,420 $ 30,881 $ 53,301 $ 6,019 $ 59,320
======= ======== ======== ======= ========
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS................ $22,420 $ 30,276 $ 52,696 $ 6,019 $ 58,715
======= ======== ======== ======= ========
EARNINGS PER COMMON SHARE
Basic......................... $ 1.27 $ 1.27 $ 1.46 $ 75.62 $ 1.42
======= ======== ======== ======= ========
Basic -- Class B.............. $ 68.74(1)
=======
Diluted....................... $ 1.26 $ 1.22 $ 1.43 $ 75.62 $ 1.40
======= ======== ======== ======= ========
Diluted -- Class B............ $ 68.74(1)
=======
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic......................... 17,671 23,836 36,025 46 41,275
======= ======== ======== ======= ========
Basic -- Class B.............. 37(1)
=======
Diluted....................... 17,778 25,227 37,203 46 42,453
======= ======== ======== ======= ========
Diluted -- Class B............ 37(1)
=======
</TABLE>
- ---------------
(1) The Ohio Bank has two classes of stock with no potentially dilutive
securities. Only one class of common stock, without par, will be issued in
the merger.
<PAGE> 6
CITIZENS BANCSHARES, INC.
MID AM, INC.
THE OHIO BANK
PRO FORMA CONDENSED COMBINED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
BANCSHARES AND BANCSHARES, MID AM
MID AM AND OHIO BANK
PRO FORMA PRO FORMA
BANCSHARES MID AM COMBINED OHIO BANK COMBINED
---------- ------ ------------ --------- ----------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees......... $ 90,656 $134,721 $225,377 $31,978 $257,355
Securities and other.......... 27,326 30,262 57,588 8,107 65,695
-------- -------- -------- ------- --------
Total interest income.... 117,982 164,983 282,965 40,085 323,050
INTEREST EXPENSE
Deposits...................... 45,158 73,128 118,286 19,002 137,288
Borrowings.................... 6,259 6,941 13,200 448 13,648
-------- -------- -------- ------- --------
Total interest expense... 51,417 80,069 131,486 19,450 150,936
-------- -------- -------- ------- --------
NET INTEREST INCOME........... 66,565 84,914 151,479 20,635 172,114
PROVISION FOR LOAN LOSSES..... 2,279 4,537 6,816 897 7,713
-------- -------- -------- ------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES... 64,286 80,377 144,663 19,738 164,401
OTHER INCOME.................. 8,735 49,501 58,236 4,008 62,244
OTHER EXPENSES................ 41,737 91,419 133,156 15,975 149,131
-------- -------- -------- ------- --------
INCOME BEFORE INCOME TAXES.... 31,284 38,459 69,743 7,771 77,514
INCOME TAXES.................. 9,554 12,467 22,021 2,343 24,364
-------- -------- -------- ------- --------
NET INCOME.................... $ 21,730 $ 25,992 $ 47,722 $ 5,428 $ 53,150
======== ======== ======== ======= ========
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS................ $ 21,730 $ 23,585 $ 45,315 $ 5,428 $ 50,743
======== ======== ======== ======= ========
EARNINGS PER COMMON SHARE
Basic......................... $ 1.23 $ 1.04 $ 1.29 $ 68.20 $ 1.25
======== ======== ======== ======= ========
Basic -- Class B.............. $ 62.00(1)
=======
Diluted....................... $ 1.22 $ 0.98 $ 1.25 $ 68.20 $ 1.22
======== ======== ======== ======= ========
Diluted -- Class B............ $ 62.00(1)
=======
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic......................... 17,708 22,734 35,213 45 40,463
======== ======== ======== ======= ========
Basic -- Class B.............. 38(1)
=======
Diluted....................... 17,768 26,554 38,215 45 43,465
======== ======== ======== ======= ========
Diluted -- Class B............ 38(1)
=======
</TABLE>
- ---------------
(1) The Ohio Bank has two classes of stock with no potentially dilutive
securities. Only one class of common stock, without par, will be issued in
the merger.
<PAGE> 7
CITIZENS BANCSHARES, INC.
MID AM, INC.
THE OHIO BANK
PRO FORMA CONDENSED COMBINED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
BANCSHARES AND BANCSHARES, MID AM
MID AM AND OHIO BANK
PRO FORMA PRO FORMA
BANCSHARES MID AM COMBINED OHIO BANK COMBINED
---------- ------ ------------ --------- ----------------
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees......... $ 83,127 $130,300 $213,427 $ 28,757 $242,184
Securities and other.......... 27,664 32,243 59,907 5,757 65,664
-------- -------- -------- -------- --------
Total interest
income............ 110,791 162,543 273,334 34,514 307,848
INTEREST EXPENSE
Deposits...................... 42,413 72,527 114,940 15,408 130,348
Borrowings.................... 6,210 7,789 13,999 173 14,172
-------- -------- -------- -------- --------
Total interest
expense........... 48,623 80,316 128,939 15,581 144,520
-------- -------- -------- -------- --------
NET INTEREST INCOME........... 62,168 82,227 144,395 18,933 163,328
PROVISION FOR LOAN LOSSES..... 2,504 3,002 5,506 966 6,472
-------- -------- -------- -------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES... 59,664 79,225 138,889 17,967 156,856
OTHER INCOME.................. 7,531 35,955 43,486 3,126 46,612
OTHER EXPENSES................ 40,172 78,416 118,588 13,465 132,053
-------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES.... 27,023 36,764 63,787 7,628 71,415
INCOME TAXES.................. 8,229 11,797 20,026 2,322 22,348
-------- -------- -------- -------- --------
NET INCOME.................... $ 18,794 $ 24,967 $ 43,761 $ 5,306 $ 49,067
======== ======== ======== ======== ========
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS................ $ 18,794 $ 22,216 $ 41,010 $ 5,306 $ 46,316
======== ======== ======== ======== ========
EARNINGS PER COMMON SHARE
Basic......................... $ 1.06 $ 0.96 $ 1.15 $ 66.67 $ 1.14
======== ======== ======== ======== ========
Basic -- Class B.............. $ 60.61(1)
========
Diluted....................... $ 1.06 $ 0.92 $ 1.13 $ 66.67 $ 1.11
======== ======== ======== ======== ========
Diluted -- Class B............ $ 60.61(1)
========
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic......................... 17,783 23,070 35,547 45 40,797
======== ======== ======== ======== ========
Basic -- Class B.............. 38(1)
========
Diluted....................... 17,806 27,241 38,782 45 44,032
======== ======== ======== ======== ========
Diluted -- Class B............ 38(1)
========
</TABLE>
- ---------------
(1) The Ohio Bank has two classes of stock with no potentially dilutive
securities. Only one class of common stock, without par, will be issued in
the merger.
