UPDATE: Keefe, Bruyette & Woods Reiterates On First Citizens Banc Corp Following TCNB Deal Announcement

In a report published Wednesday, Keefe, Bruyette & Woods analyst Damon DelMonte reiterated a Market Perform rating on First Citizens Banc Corp (NASDAQ: FCZA), and raised the price target from $9.00 to $10.50.

In the report, Keefe, Bruyette & Woods noted, “As a follow up to FCZA's recent announcement to acquire TCNB in an all-cash deal valued at roughly $17.2 million, we increase both our estimates and target, reflecting the accretive nature of the transaction. We increase our 2015 estimate to $1.10 from $0.95 and establish our 2016 estimate of $1.20. Additionally, given FCZA increased projected earnings, we raise our target to $10.50 from $9 while we maintain our Market Perform rating.”

First Citizens Banc Corp closed on Tuesday at $9.83.