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OVBC > SEC Filings for OVBC > Form 8-K on 4-Aug-2014All Recent SEC Filings

Show all filings for OHIO VALLEY BANC CORP

Form 8-K for OHIO VALLEY BANC CORP


4-Aug-2014

Other Events


Item 8.01. Other Events

On August 1, 2014, Ohio Valley Banc Corp. (the "Company") completed the sale of its nine percent ownership interest in ProAlliance Corporation ("ProAlliance"), a specialty property and casualty insurance company. In the first quarter of 2014, the owners entered into an agreement to sell ProAlliance. According to the agreement, the consideration paid for ProAlliance was 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. Subsequent to the first installment, the transaction received regulatory approval and the buyer exercised its option to purchase the outstanding shares of ProAlliance. On August 1, 2014, the Company received the second installment in the amount of $675,000 for its ownership interest in ProAlliance. The total proceeds received from the sale of ProAlliance totaled $810,000, which will be reported as a gain on sale. The after-tax impact to the Company's 2014 net income will be $535,000, or $.13 per share.


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