Consumers and Consumers Bank Appoints John W. Parkinson to the Board
January 02, 2020 at 06:44 pm IST
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on January 1, 2020 (the “Effective Time”), pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of June 14, 2019, by and among Consumers Bancorp Inc., an Ohio corporation (“Consumers”), Consumers National Bank, a national banking association and a wholly-owned subsidiary of Consumers (“Consumers Bank”), Peoples Bancorp of Mt. Pleasant Inc., an Ohio corporation (“Peoples”), and The Peoples National Bank of Mount Pleasant, a national banking association and a wholly-owned subsidiary of Peoples (“Peoples Bank”), Peoples merged with Consumers, with Consumers being the surviving corporation, and Peoples Bank merged with Consumers Bank, with Consumers Bank being the surviving banking subsidiary of Consumers. Under the terms of the Merger Agreement, on January 1, 2020, the board of directors of Consumers appointed John W. Parkinson, CFP, formerly a member of Peoples’ board of directors, to the Consumers and Consumers Bank Boards of Directors. Mr. Parkinson was appointed as a Class I director. Mr. Parkinson is an “independent director” under applicable NASDAQ rules.
Consumers Bancorp, Inc. is a bank holding company for Consumers National Bank (the Bank). The Company is engaged in the business of commercial and retail banking. The Bankâs business involves attracting deposits from businesses and individual customers and using such deposits to originate commercial, mortgage and consumer loans in its primary market area. The Bank also invests in securities consisting primarily of United States government-sponsored entities, municipal obligations, mortgage-backed and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac and Ginnie Mae. Its deposit products include business and personal savings accounts, negotiable order of withdrawal accounts, time deposits and demand accounts, as well as certificates of deposit. The Bankâs primary market area includes Carroll, Columbiana, Jefferson, Mahoning, Stark, Summit, Wayne, and contiguous counties in Ohio, Pennsylvania, and West Virginia. The Bank operates online and 21 branch locations.