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OVBC > SEC Filings for OVBC > Form 8-K on 7-Feb-2014All Recent SEC Filings

Show all filings for OHIO VALLEY BANC CORP



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Item 8.01. Other Events

Ohio Valley Banc Corp. (the "Company") presently owns nine percent of the outstanding shares of ProAlliance Corporation ("ProAlliance"), a specialty property and casualty insurance company. The owners, collectively, have entered into an agreement to sell ProAlliance. According to the agreement, the consideration paid for ProAlliance is expected to be received in two installments. The first installment was received on February 5, 2014, when the Company received its pro rata share of a non-refundable fee giving the buyers an option to purchase the outstanding shares of ProAlliance; the Company's share of the non-refundable fee totaled $135,000. The closing of the transaction is subject to customary conditions, including receipt of insurance regulatory approval. Assuming the transaction receives regulatory approval and the buyer exercises its option to purchase the shares, the Company anticipates receiving $675,000 for its ownership interest in ProAlliance, which may occur within a few months. Should the second installment be paid, the sum of the two payments will total $810,000, which will be reported as a gain on sale. The after-tax impact to the Company's 2014 net income from the gain will be $534,600. Offsetting the gain will be a reduction in dividend income each year following the closing. In 2013, the after-tax impact to the Company's income from this investment was $38,000.

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