Acquisition

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 17 – Acquisition

On August 23, 2016, First Defiance announced the execution of a definitive agreement (the “Agreement”) to acquire Commercial Bancshares, Inc. (“Commercial Bancshares”) and its wholly-owned subsidiary, Commercial Savings Bank (“CSB”). Each Commercial Bancshares shareholder will receive 1.1808 shares of First Defiance common stock (“First Defiance Shares”) or $51.00 in cash, subject to total consideration being paid 80% in First Defiance Shares and 20% in cash as provided in the Agreement. Based on the twenty-day average closing price of First Defiance Shares of $43.19 ending August 22, 2016, the transaction is valued at approximately $63 million in the aggregate, including cash payment of approximately $1.5 million to cancel outstanding options. On June 30, 2016, Commercial Bancshares had $342 million in assets, $298 million in loans and $301 million in deposits at its seven banking offices. The transaction is expected to be completed in the first quarter of 2017, pending regulatory approvals, the approval of shareholders of Commercial Bancshares and the completion of other customary closing conditions.