Elkins, WV and Thomas, WV – August 18, 2025. Citizens Financial Corp (“Citizens”) (OTCID: CIWV),the holding company for Citizens Bank of West Virginia (“Citizens Bank”), and Miners and Merchants Bank (“Miners”) announced today that they have entered into a definitive agreement to combine Citizens Bank and Miners. Under the terms of the agreement, Miners will merge with and into Citizens Bank, with Citizens Bank surviving the merger in a cash acquisition transaction. Financial terms of the deal will not be publicly disclosed.
“This merger represents a strategic opportunity for Citizens to expand our footprint in the region,” said Nathaniel S. Bonnell, President & Chief Executive Officer of Citizens Bank. “We are proud to offer Miners and Merchants Bank’s customers an expanded portfolio of products and services, including wealth management and the latest in banking technology. We extend a warm welcome to Miner’s employees and customers as we remain committed to delivering the personalized service and community focus that has defined both institutions for over 100 years.”
Shawn O. Nichols, President & Chief Executive Officer of Miners said about the opportunity: “We are thrilled to announce our decision to join forces with Citizens Bank. This strategic move allows us to offer our customers an even wider array of products and services, ensuring that their needs are met comprehensively. We believe that this is a good fit not only for our customers but also for our dedicated employees and the communities we proudly serve. This combination allows us to build upon the rich history of the franchise while remaining focused on the communities we serve.”
The combination is subject to approval by Miners and Merchants Bank’s shareholders, banking regulators and other customary closing conditions. The transaction is expected to close during the first half of 2026.
Commonwealth Advisors, Inc. acted as financial advisor and provided a fairness opinion to Citizens, and Gerrish Smith Tuck, PC acted as its legal advisor in the transaction. Performance Trust Capital Partners, LLC acted as financial advisor and provided a fairness opinion to Miners, and Dinsmore & Shohl LLP acted as its legal advisor in the transaction.
