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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
  filed with the Securities and Exchange Commission on August 21, 2017</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
  No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
  STATES</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES
  AND EXCHANGE COMMISSION</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
  D.C. 20549&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT>&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
  S-8</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SB
  FINANCIAL GROUP, INC.</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
  name of registrant as specified in its charter)</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 49%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ohio</B></FONT></TD>
      <TD STYLE="width: 2%; padding: 0 0 1.5pt; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="width: 49%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>34-1395608</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
  or other jurisdiction&nbsp;of <BR>
  incorporation or organization)</B></FONT></P></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
          Employer</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
          No.)</B></FONT></P></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>401
  Clinton Street</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Defiance,
  Ohio 43512</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
  of Principal Executive Offices) (Zip Code)</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017
  SB Financial Group Stock Incentive Plan</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Full
  title of the plan)</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 50%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anthony
          V. Cosentino</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Executive
          Vice President and Chief Financial Officer</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SB
          Financial Group, Inc.</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>401
          Clinton Street</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Defiance,
          Ohio 43512</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Name
          and address of agent for service)</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P></TD>
      <TD STYLE="width: 50%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Copy
          to:</I></B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anthony
          D. Weis, Esq.</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vorys,
          Sater, Seymour and Pease LLP</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>52
          East Gay Street</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PO
          Box 1008</B></FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Columbus,
          Ohio 43216-1008</B></FONT></P></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(419)
  783-8950</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Telephone
  number, including area&nbsp;code, of agent for service)</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">Indicate by check mark whether the registrant is a
  large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
  See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
  and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; width: 34%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
      accelerated filer</FONT></TD>
      <TD STYLE="vertical-align: bottom; width: 12%; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
      <TD STYLE="vertical-align: top; width: 16%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 32%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
      filer</FONT></TD>
      <TD STYLE="vertical-align: bottom; width: 6%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
      filer</FONT></TD>
      <TD STYLE="vertical-align: bottom; padding: 0; text-align: center; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;</TD>
      <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
      reporting company</FONT></TD>
      <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Do
      not check if a smaller reporting company)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
  growth company</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9744;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">If an emerging growth company, indicate by check mark
  if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
  standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &nbsp;&nbsp;&#9744;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALCULATION
  OF REGISTRATION FEE</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">Title of securities to be registered</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Amount to be registered&nbsp;(1)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Proposed maximum offering <BR>price per share (2)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Proposed maximum aggregate offering&nbsp;price (2)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Amount of registration <BR>fee</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 52%; padding-bottom: 4pt">Common Shares, without par value</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">500,000</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">16.52</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left"></TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">8,260,000</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left"></TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">957.33</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left"></TD></TR>
  </TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 18pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                           addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities
                                           Act&rdquo;), this Registration Statement on Form S-8 also covers an indeterminate number
                                           of additional common shares that may become issuable under the terms of the 2017 SB Financial
                                           Group Stock Incentive Plan (the &ldquo;Plan&rdquo;) to prevent dilution resulting from
                                           any stock dividend, stock split, recapitalization or other similar transaction affecting
                                           the common shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
                                           solely for the purpose of calculating the aggregate offering price and the registration
                                           fee pursuant to Rules 457(c) and 457(h) promulgated under the Securities Act and computed
                                           on the basis of $16.52 per share, which is the average of the high and low sales prices
                                           of the common shares of SB Financial Group, Inc. as reported on the NASDAQ Capital Market
                                           on August 18, 2017.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index
  to Exhibits begins on page 7</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
  <!-- Field: Page; Sequence: 2 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
  I</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  document(s) containing the information specified in Part&nbsp;I of Form S-8 will be sent or given to participants in the 2017
  SB Financial Group Stock Incentive Plan (the &ldquo;Plan&rdquo;) as specified by Rule 428(b)(1) under the Securities Act of 1933,
  as amended (the &ldquo;Securities Act&rdquo;). Such documents are not being filed with the Securities and Exchange Commission
  (the &ldquo;Commission&rdquo;) either as part of this Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;)
  or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated
  by reference in this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute
  a prospectus that meets the requirements of Section 10(a) of the Securities Act.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
  II</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 54pt; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           3.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Incorporation
                                           of Documents by Reference</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SB
  Financial Group, Inc. (the &ldquo;Registrant&rdquo;) hereby incorporates into this Registration Statement the following documents
  filed by the Registrant with the Commission:</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                           Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
                                           2016, filed with the Commission on March 10, 2017;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                           Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017,
                                           filed with the Commission on May 10, 2017;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">the Registrants Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Commission
  on August 11, 2017;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0">the Registrant&rsquo;s Current Reports on Form 8-K filed with the Commission on April 25, 2017, May 22,
  2017, and August 21, 2017 (three reports);</P></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                           definitive proxy statement for the Registrant&rsquo;s 2017 Annual Meeting of Shareholders
                                           filed with the Commission on March 10, 2017; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                           description of the Registrant&rsquo;s common shares, without par value (the &ldquo;Common
                                           Shares&rdquo;), contained in the Registrant&rsquo;s Registration Statement on Form S-3
                                           (Registration No. 333-217206) filed by the Registrant with the Commission on April 7,
                                           2017, or contained in any subsequent amendment or report filed for the purpose of updating
                                           such description.</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
  documents which may be filed by the Registrant with the Commission pursuant to Section 13(a), Section 13(c), Section 14 or Section
  15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), subsequent to the date of this Registration
  Statement and prior to the filing of a post-effective amendment which indicates that all securities offered under the Plan pursuant
  to this Registration Statement have been sold or which deregisters all securities then remaining unsold, shall also be deemed
  to be incorporated by reference in this Registration Statement and to be made a part hereof from the date of filing of such documents.
  To the extent that any information contained in any Current Report on Form 8-K, or any exhibit thereto, was or is furnished to,
  rather than filed with, the Commission, such information or exhibit is specifically not incorporated by reference into this Registration
  Statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
  statement contained in this Registration Statement or in a document, all or a portion of which is incorporated or deemed to be
  incorporated by reference in this Registration Statement, shall be deemed to be modified or superseded for purposes of this Registration
  Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to
  be incorporated by reference in this Registration Statement modifies or supersedes such statement. Any such statement so modified
  or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  <!-- Field: Page; Sequence: 3 -->
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      <!-- Field: /Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.7in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           4.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description
                                           of Securities</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  Applicable.</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.7in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           5.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Interests
                                           of Named Experts and Counsel</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  Applicable.</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.7in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           6.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Indemnification
                                           of Directors and Officers</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio
  General Corporation Law</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1701.13(E)
  of the Ohio Revised Code grants corporations broad powers to indemnify directors, officers, employees and agents. Section&nbsp;1701.13(E)
  provides: &nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any
  threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other
  than an action by or in the right of the corporation, by reason of the fact that the person is or was a director, officer, employee,
  or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee,
  member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or
  a partnership, joint venture, trust, or other enterprise, against expenses, including attorney&rsquo;s fees, judgments, fines,
  and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit, or proceeding,
  if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
  of the corporation, and, with respect to any criminal action or proceeding, if the person had no reasonable cause to believe the
  person&rsquo;s conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction,
  or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in
  good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and,
  with respect to any criminal action or proceeding, the person had reasonable cause to believe that the person&rsquo;s conduct
  was unlawful.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any
  threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor, by
  reason of the fact that the person is or was a director, officer, employee, or agent of the corporation, or is or was serving
  at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation,
  domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise,
  against expenses, including attorney&rsquo;s fees, actually and reasonably incurred by the person in connection with the defense
  or settlement of such action or suit, if the person acted in good faith and in a manner the person reasonably believed to be in
  or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any of the
  following:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  claim, issue, or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of the
  person&rsquo;s duty to the corporation unless, and only to the extent that, the court of common pleas or the court in which such
  action or suit was brought determines, upon application, that, despite the adjudication of liability, but in view of all the circumstances
  of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court of common pleas or such
  other court shall deem proper;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  action or suit in which the only liability asserted against a director is pursuant to section&nbsp;1701.95 of the Revised Code.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
  the extent that a director, trustee, officer, employee, member, manager, or agent has been successful on the merits or otherwise
  in defense of any action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section, or in defense of any
  claim, issue, or matter in the action, suit, or proceeding, the person shall be indemnified against expenses, including attorney&rsquo;s
  fees, actually and reasonably incurred by the person in connection with the action, suit, or proceeding.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"></P>
  
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  indemnification under division (E)(1) or (2)&nbsp;of this section, unless ordered by a court, shall be made by the corporation
  only as authorized in the specific case, upon a determination that indemnification of the director, trustee, officer, employee,
  member, manager, or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth
  in division (E)(1) or (2)&nbsp;of this section. Such determination shall be made as follows:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  a majority vote of a quorum consisting of directors of the indemnifying corporation who were not and are not parties to or threatened
  with the action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
  the quorum described in division (E)(4)(a) of this section is not obtainable or if a majority vote of a quorum of disinterested
  directors so directs, in a written opinion by independent legal counsel other than an attorney, or a firm having associated with
  it an attorney, who has been retained by or who has performed services for the corporation or any person to be indemnified within
  the past five years;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  the shareholders;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
  the court of common pleas or the court in which the action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of
  this section was brought.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
  determination made by the disinterested directors under division (E)(4)(a) or by independent legal counsel under division (E)(4)(b)
  of this section shall be promptly communicated to the person who threatened or brought the action or suit by or in the right of
  the corporation under division (E)(2) of this section, and, within ten days after receipt of such notification, the person shall
  have the right to petition the court of common pleas or the court in which such action or suit was brought to review the reasonableness
  of that determination.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless
  at the time of a director&rsquo;s act or omission that is the subject of an action, suit, or proceeding referred to in division
  (E)(1) or (2)&nbsp;of this section, the articles or the regulations of a corporation state, by specific reference to this division,
  that the provisions of this division do not apply to the corporation and unless the only liability asserted against a director
  in an action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section is pursuant to section&nbsp;1701.95
  of the Revised Code, expenses, including attorney&rsquo;s fees, incurred by a director in defending the action, suit, or proceeding
  shall be paid by the corporation as they are incurred, in advance of the final disposition of the action, suit, or proceeding,
  upon receipt of an undertaking by or on behalf of the director in which the director agrees to do both of the following:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 108pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 108pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repay
  that amount if it is proved by clear and convincing evidence in a court of competent jurisdiction that the director&rsquo;s action
  or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken
  with reckless disregard for the best interests of the corporation;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 108pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 108pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reasonably
  cooperate with the corporation concerning the action, suit, or proceeding.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses,
  including attorney&rsquo;s fees, incurred by a director, trustee, officer, employee, member, manager, or agent in defending any
  action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section, may be paid by the corporation as they
  are incurred, in advance of the final disposition of the action, suit, or proceeding, as authorized by the directors in the specific
  case, upon receipt of an undertaking by or on behalf of the director, trustee, officer, employee, member, manager, or agent to
  repay that amount, if it ultimately is determined that the person is not entitled to be indemnified by the corporation.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  indemnification or advancement of expenses authorized by this section shall not be exclusive of, and shall be in addition to,
  any other rights granted to those seeking indemnification or advancement of expenses under the articles, the regulations, any
  agreement, a vote of shareholders or disinterested directors, or otherwise, both as to action in their official capacities and
  as to action in another capacity while holding their offices or positions, and shall continue as to a person who has ceased to
  be a director, trustee, officer, employee, member, manager, or agent and shall inure to the benefit of the heirs, executors, and
  administrators of that person. A right to indemnification or to advancement of expenses arising under a provision of the articles
  or the regulations shall not be eliminated or impaired by an amendment to that provision after the occurrence of the act or omission
  that becomes the subject of the civil, criminal, administrative, or investigative action, suit or proceeding for which the indemnification
  or advancement of expenses is sought, unless the provision in effect at the time of that act or omission explicitly authorizes
  that elimination or impairment after the act or omission has occurred.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
  corporation may purchase and maintain insurance or furnish similar protection, including, but not limited to, trust funds, letters
  of credit, or self-insurance, on behalf of or for any person who is or was a director, officer, employee, or agent of the corporation,
  or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of
  another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture,
  trust, or other enterprise, against any liability asserted against the person and incurred by the person in any such capacity,
  or arising out of the person&rsquo;s status as such, whether or not the corporation would have the power to indemnify the person
  against that liability under this section. Insurance may be purchased from or maintained with a person in which the corporation
  has a financial interest.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  authority of a corporation to indemnify persons pursuant to division (E)(1) or (2)&nbsp;of this section does not limit the payment
  of expenses as they are incurred, indemnification, insurance, or other protection that may be provided pursuant to divisions (E)(5),
  (6), and (7)&nbsp;of this section. Divisions (E)(1) and (2)&nbsp;of this section do not create any obligation to repay or return
  payments made by the corporation pursuant to division (E)(5), (6), or (7).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
  used in division (E)&nbsp;of this section, &ldquo;corporation&rdquo; includes all constituent entities in a consolidation or merger
  and the new or surviving corporation, so that any person who is or was a director, officer, employee, trustee, member, manager,
  or agent of such a constituent entity, or is or was serving at the request of such constituent entity as a director, trustee,
  officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability
  company, or a partnership, joint venture, trust, or other enterprise, shall stand in the same position under this section with
  respect to the new or surviving corporation as the person would if the person had served the new or surviving corporation in the
  same capacity.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Code of Regulations</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article
  Five of the Code of Regulations of the Registrant governs indemnification by the Registrant and provides as follows:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.01. Indemnification</U>. The corporation shall indemnify any person who was or is a party or is threatened to be made a party
  to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other
  than an action threatened or instituted directly by the corporation) by reason of the fact that he is or was a director or officer
  of the corporation or any present or former director or officer of the corporation who is or was serving at the request of the
  corporation as a director, trustee, officer, employee or agent of another corporation, partnership, joint venture, trust, or other
  enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in connection with such action,
  suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
  of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was
  unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of
  <I>nolo contendere</I> or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith
  and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and with respect
  to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.02. Discretionary Indemnification</U>. The corporation may indemnify any person who was or is a party or is threatened to be
  made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative
  by reason of the fact that he is or was an employee or agent of the corporation or is or was serving at the request of the corporation
  as a director, trustee, officer, employee or agent of another corporation, partnership, joint venture, trust, or other enterprise,
  against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in connection with such action, suit or
  proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
  corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
  The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of <I>nolo contendere
  </I>or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which
  he reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action
  or proceeding, he had reasonable cause to believe that his conduct was unlawful.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  corporation may also indemnify or agree to indemnify any person who was or is a party or is threatened to be made a party to any
  threatened, pending, or completed action or suit which is threatened or instituted by the corporation directly (rather than a
  derivative action in the right of the corporation) to produce a judgment in its favor by reason of the fact that he is or was
  a director or officer of the corporation or any present or former director or officer of the corporation who is or was serving
  at the request of the corporation as a director, trustee, officer, employee, or agent of another corporation, partnership, joint
  venture, trust, or other enterprise, against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him,
  judgments and amounts paid in connection with such action or suit if he acted in good faith and in a manner he reasonably believed
  to be in or not opposed to the best interests of the corporation, except that no such indemnification shall be made in respect
  of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the
  performance of his duty to the corporation unless and only to the extent that the Court of Common Pleas of Defiance County, Ohio
  or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability,
  but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses
  as such Court of Common Pleas or such other court shall deem proper.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.03. Indemnification for Expenses</U>. To the extent that a director, trustee, officer, employee or agent has been successful
  on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 5.02 hereof, or in defense of any
  claim, issue or matter therein, he shall be promptly indemnified by the corporation against expenses (including attorneys&rsquo;
  fees) actually and reasonably incurred by him in connection therewith.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.04. Determination Required</U>. Any indemnification under Sections 5.01 and 5.02 (unless ordered by a court) shall be made by
  the corporation only upon a determination that the indemnification of the director, trustee, officer, employee or agent is proper
  in the circumstances because he has met the applicable standard of conduct set forth in Sections 5.01 and 5.02. Such determination
  shall be made (A) by the Board of Directors by a majority vote of a quorum consisting of directors who were not and are not parties
  to, or threatened with, such action, suit or proceeding or (B) if such a quorum is not obtainable or if a majority of a quorum
  of disinterested directors so directs, in a written opinion by independent legal counsel, or (C) by the shareholders. Any determination
  made by the disinterested directors or by independent legal counsel under this Section 5.04 to provide indemnity under Section
  5.01 or 5.02 to a person threatened or sued in the right of the corporation (derivatively) shall be promptly communicated to the
  person who threatened or brought the derivative action or suit in the right of the corporation, and such person shall have the
  right, within 10 days after receipt of such notification, to petition the Court of Common Pleas of Defiance County, Ohio or the
  court in which action or suit was brought to review the reasonableness of such determination.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.05. Advances for Expenses</U>. Expenses (including attorneys&rsquo; fees) incurred in defending any civil or criminal action,
  suit, or proceeding referred to in Sections 5.01 and 5.02 may be paid by the corporation in advance of the final disposition of
  such action, suit or proceeding as authorized by the Board of Directors in the specific case upon receipt of an undertaking by
  or on behalf of the director, trustee, officer, employee, or agent to repays such amount, unless it shall ultimately be determined
  that he is entitled to be indemnified by the corporation as authorized in this Article Five.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.06. Article Five Not Exclusive</U>. The indemnification provided by this Article Five shall not be deemed exclusive of any other
  rights to which those seeking indemnification may be entitled under the Articles or the Regulations or any agreement, vote of
  shareholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another
  capacity while holding such office, and shall continue as to a person who has ceased to be a director, trustee, officer, employee,
  or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.07. Insurance</U>. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer,
  employee or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer,
  employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted
  against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would
  have the power to indemnify him against such liability under the provisions of this Article Five.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>
  
  <!-- Field: Page; Sequence: 7 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
  5.08. Definition of &ldquo;the Corporation&rdquo;</U>. As used in this Article Five, references to &ldquo;the corporation&rdquo;
  include all constituent corporations in a consolidation or merger and the new or surviving corporation, so that any person who
  is or was a director, trustee, officer, employee or agent of such a constituent corporation, or is or was serving at the request
  of such constituent corporation as a director, trustee, officer, employee, or agent of another corporation, partnership, joint
  venture, trust, or other enterprise, shall stand in the same position under the provisions of this Article Five with respect to
  the new or surviving corporation as he would if he had served the new or surviving corporation in the same capacity.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  Registrant maintains insurance policies under which directors and officers of the Registrant are insured, within the limits and
  subject to the limitations of such policies, against expenses in connection with the defense of actions, suits or proceedings,
  and certain liabilities that might be imposed as a result of such actions, suits or proceedings, to which they are parties by
  reason of being or having been directors or officers of the Registrant.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
  3.1(f) of the Plan</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white; text-indent: 45pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
  3.1(f) of the Plan provides that the Registrant will indemnify members of the Board of Directors (the &ldquo;Board&rdquo;) or
  of the Compensation Committee with respect to their administration of the Plan under certain specified circumstances. Section
  3.1(f) of the plan provides as follows:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; background-color: white; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
  person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company
  against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him in connection with
  or resulting from any claim, action, suit or proceeding to which he may be a party or in which he may be involved by reason of
  any action taken or failure to act under the Plan and against and from any and all amounts paid by him in settlement thereof,
  with the Company&rsquo;s approval, or paid by him in satisfaction of judgment in any such action, suit or proceeding against him;
  provided that he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes
  to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
  indemnification to which such person may be entitled under the Company&rsquo;s articles of incorporation or regulations, as a
  matter of law, or otherwise, or any power that the Company may have to indemnify him or hold him harmless.</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.7in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           7.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exemption
                                           from Registration Claimed</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
  applicable.</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  <!-- Field: Page; Sequence: 8 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.7in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           8.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibits</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  following exhibits are filed with or incorporated by reference into this Registration Statement and made a part hereof:</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="width: 9%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
      <TD STYLE="width: 1%; padding: 0 0 1.5pt; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="width: 90%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"></P></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(a)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex4ia_sbfinancial.htm">Amended Articles of the Registrant (filed herwith)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(b)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex4ib_sbfinancial.htm">Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 30, 1997 (filed herewith).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(c)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000114420411033504/v224750_ex3-1.htm"><FONT STYLE="font-size: 10pt">Certificate
      of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on May 27, 2011 (incorporated
      herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on June 1, 2011).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(d)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000121390013001925/f8k041213ex3i_rurban.htm"><FONT STYLE="font-size: 10pt">Certificate
      of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 12, 2013 (incorporated
      herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on April 18, 2013 (File No.
      0-13507)).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(e)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000121390014007953/f8k110614ex3i_sbfinancial.htm"><FONT STYLE="font-size: 10pt">Certificate
      of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on November 6, 2014 (incorporated
      herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on November 12, 2014 (File No.
      0-13507)).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(f)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex4if_sbfinancial.htm">Amended Articles of the Company, as amended (reflecting amendments through November 6, 2014) [for SEC reporting compliance purposes only &ndash; not filed with the Ohio Secretary of State] (filed herewith).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2(a)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015206002525/l18773aexv3w5.txt"><FONT STYLE="font-size: 10pt">Amended
      and Restated Regulations of the Registrant (incorporated herein by reference to Exhibit 3.5 to the Registrant&rsquo;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 2005 (File No. 0-13507)).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2(b)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000114420409021727/ex3-1.htm"><FONT STYLE="font-size: 10pt">Certificate
      Regarding Adoption of Amendment to Section 2.01 of the Amended and Restated Regulations of the Registrant by the Shareholders
      on April 16, 2009 (incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed
      April 22, 2009 (File No. 0-13507)).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3(a)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000119312514401136/d810033dex41.htm"><FONT STYLE="font-size: 10pt">Form
      of Certificate for 6.50% Noncumulative Convertible Perpetual Preferred Shares, Series A, of the Registrant (incorporated herein
      by reference to Exhibit 4.1 to the Registrant&rsquo;s Amendment No. 1 to Registration Statement on&nbsp;Form S-1&nbsp;filed
      on November 6, 2014 (File No. 333-198879)).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3(b)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000119312514401136/d810033dex43.htm"><FONT STYLE="font-size: 10pt">Form
      of Depositary Receipt of the Registrant (incorporated herein by reference to Exhibit 4.2 to the Registrant&rsquo;s Amendment
      No. 1 to Registration Statement on&nbsp;Form S-1&nbsp;filed on November 6, 2014 (File No. 333-198879)).</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3(c)</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000119312514401136/d810033dex43.htm"><FONT STYLE="font-size: 10pt">Deposit
      Agreement, dated November 6, 2014, by and among the Registrant, Computershare Inc. and Computershare Trust Company, N.A. as
      Depositary, and the Holders from time to time of the Depositary Receipts described therein (incorporated herein by reference
      to Exhibit 4.3 to the Registrant&rsquo;s Amendment No. 1 to Registration Statement on&nbsp;Form S-1&nbsp;filed on November
      6, 2014 (File No. 333-198879)).</FONT></A></FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 9 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4(a)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015205009207/l16393aexv4w1.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Debenture Trustee, relating to Floating Rate Junior Subordinated Deferrable Interest Debentures (incorporated herein by reference to Exhibit 4.1 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4(b)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015205009207/l16393aexv4w2.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Declaration of Trust of Rurban Statutory Trust II, dated as of September 15, 2005 (incorporated herein by reference to Exhibit 4.2 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4(c)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015205009207/l16393aexv4w3.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee Agreement, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Guarantee Trustee (incorporated herein by reference to Exhibit 4.3 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex5i_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Vorys, Sater, Seymour and Pease LLP as to the validity of the securities being registered (filed herewith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex10i_sbfinancial.htm">2017 SB Financial Group Stock Incentive Plan (filed herewith)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex23i_sbfinancial.htm">Consent of Independent Registered Public Accounting Firm (BKD, LLP) (filed herewith)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex5i_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Vorys, Sater, Seymour and Pease LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex24i_sbfinancial.htm">Power of Attorney of Directors of the Registrant (filed herewith)</A></FONT></TD></TR>
  </TABLE>
  
  
  <P STYLE="margin: 0"></P>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 0%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.7in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Item
                                           9.</U></B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Undertakings</U>.</B></FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned Registrant hereby undertakes:</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
  file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="width: 1.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                           include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                           reflect in the prospectus any facts or events arising after the effective date of the
                                           Registration Statement (or the most recent post-effective amendment thereof) which, individually
                                           or in the aggregate, represent a fundamental change in the information set forth in the
                                           Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume
                                           of securities offered (if the total dollar value of securities offered would not exceed
                                           that which was registered) and any deviation from the low or high end of the estimated
                                           maximum offering range may be reflected in the form of prospectus filed with the Commission
                                           pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
                                           no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
                                           of Registration Fee&rdquo; table in the effective registration statement; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                           include any material information with respect to the plan of distribution not previously
                                           disclosed in the Registration Statement or any material change to such information in
                                           the Registration Statement;</FONT></TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: -0.75pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided,
  however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to
  Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration
  Statement.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-align: left; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-align: left; text-indent: 36pt"></P>
  
  <!-- Field: Page; Sequence: 10 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-align: left; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
  for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
  to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-indent: 36pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
  remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
  the termination of the offering.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 37.05pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
  filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange
  Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of
  the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new
  registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
  to be the initial bona fide offering thereof.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 37.05pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
  as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the provisions described in Item&nbsp;6 of this Part&nbsp;II, or otherwise, the Registrant
  has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
  expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
  (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
  in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
  with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
  controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
  public policy as expressed in the Act and will be governed by the final adjudication of such issue.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
  page to immediately follow]</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 11 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
  Registrant.</B> Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable
  grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration
  Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Defiance, State of Ohio,
  on August 21, 2017.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SB FINANCIAL GROUP, INC.</B></FONT></TD>
      </TR>
  <TR STYLE="vertical-align: top; text-align: left">
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      </TR>
  <TR STYLE="vertical-align: top; text-align: left">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Anthony V. Cosentino</FONT></TD>
      </TR>
  <TR STYLE="vertical-align: top; text-align: left">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony V. Cosentino,</FONT></TD>
      </TR>
  <TR STYLE="vertical-align: top; text-align: left">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and <BR>
  Chief Financial
      Officer</FONT></TD>
      </TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has
  been signed by the following persons in the capacities indicated on August 21, 2017.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 40%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
      <TD STYLE="width: 2%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="width: 58%; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Mark A. Klein</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman,
      President and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark A. Klein</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
      Executive Officer) and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Anthony V. Cosentino</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
      Vice President and Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony V.
      Cosentino</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
      Financial and Accounting Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Gary M. Cates*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gary M. Cates</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      George W. Carter*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">George W.
      Carter</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Robert A. Fawcett, Jr.*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert A.
      Fawcett, Jr.</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Gaylyn J. Finn*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P>
          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaylyn J.
      Finn</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Richard L. Hardgrove*&#9;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard L.
      Hardgrove</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Rita A. Kissner*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rita A. Kissner</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      William G. Martin*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William G.
      Martin</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Timothy J. Stolly*</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timothy J.
      Stolly</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;The
  undersigned, by signing his name hereto, does hereby sign this Registration Statement on Form S-8 on behalf of each of the directors
  of the Registrant identified above pursuant to a Power of Attorney executed by the directors identified above, which Power of
  Attorney is filed with this Registration Statement on Form S-8 as Exhibit 24.1.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
      <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
      <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony V. Cosentino</FONT></TD>
      <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 21,
      2017</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony V. Cosentino, Attorney-in-Fact</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
  
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEX
  TO EXHIBITS</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 8%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 91%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(a)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex4ia_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended Articles of the Registrant (filed herwith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(b)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex4ib_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 30, 1997 (filed herewith).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(c)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000114420411033504/v224750_ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on May 27, 2011 (incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on June 1, 2011).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(d)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000121390013001925/f8k041213ex3i_rurban.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 12, 2013 (incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on April 18, 2013 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(e)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000121390014007953/f8k110614ex3i_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on November 6, 2014 (incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed on November 12, 2014 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(f)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex4if_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended Articles of the Company, as amended (reflecting amendments through November 6, 2014) [for SEC reporting compliance purposes only &ndash; not filed with the Ohio Secretary of State] (filed herewith).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2(a)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015206002525/l18773aexv3w5.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Amended and Restated Regulations of the Registrant (incorporated herein by reference to Exhibit 3.5 to the Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2(b)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000114420409021727/ex3-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Certificate Regarding Adoption of Amendment to Section 2.01 of the Amended and Restated Regulations of the Registrant by the Shareholders on April 16, 2009 (incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed April 22, 2009 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3(a)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000119312514401136/d810033dex41.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Form of Certificate for 6.50% Noncumulative Convertible Perpetual Preferred Shares, Series A, of the Registrant (incorporated herein by reference to Exhibit 4.1 to the Registrant&rsquo;s Amendment No. 1 to Registration Statement on&nbsp;Form S-1&nbsp;filed on November 6, 2014 (File No. 333-198879)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3(b)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000119312514401136/d810033dex43.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Form of Depositary Receipt of the Registrant (incorporated herein by reference to Exhibit 4.2 to the Registrant&rsquo;s Amendment No. 1 to Registration Statement on&nbsp;Form S-1&nbsp;filed on November 6, 2014 (File No. 333-198879)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3(c)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000119312514401136/d810033dex43.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Deposit Agreement, dated November 6, 2014, by and among the Registrant, Computershare Inc. and Computershare Trust Company, N.A. as Depositary, and the Holders from time to time of the Depositary Receipts described therein (incorporated herein by reference to Exhibit 4.3 to the Registrant&rsquo;s Amendment No. 1 to Registration Statement on&nbsp;Form S-1&nbsp;filed on November 6, 2014 (File No. 333-198879)).</FONT></A></TD></TR>
  </TABLE>
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  <P STYLE="margin: 0"></P>
  
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  <TR STYLE="vertical-align: top">
      <TD STYLE="width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 90%; border-bottom: black 1.5pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4(a)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015205009207/l16393aexv4w1.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Debenture Trustee, relating to Floating Rate Junior Subordinated Deferrable Interest Debentures (incorporated herein by reference to Exhibit 4.1 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4(b)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015205009207/l16393aexv4w2.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Declaration of Trust of Rurban Statutory Trust II, dated as of September 15, 2005 (incorporated herein by reference to Exhibit 4.2 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4(c)</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="http://www.sec.gov/Archives/edgar/data/767405/000095015205009207/l16393aexv4w3.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee Agreement, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Guarantee Trustee (incorporated herein by reference to Exhibit 4.3 to the Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex5i_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Vorys, Sater, Seymour and Pease LLP as to the validity of the securities being registered (filed herewith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex10i_sbfinancial.htm">2017 SB Financial Group Stock Incentive Plan (filed herewith)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex23i_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm (BKD, LLP) (filed herewith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><A HREF="fs82017ex5i_sbfinancial.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Vorys, Sater, Seymour and Pease LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="fs82017ex24i_sbfinancial.htm">Power of Attorney of Directors of the Registrant (filed herewith)</A></FONT></TD></TR>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "fs82017_sbfinancialgroup.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 161105}]
metadata_filer: {"company-data": {"conformed-name": "SB FINANCIAL GROUP, INC.", "cik": "0000767405", "assigned-sic": "6022", "irs-number": "341395608", "state-of-incorporation": "OH", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-220075", "film-number": "171042775"}, "business-address": {"street1": "401 CLINTON ST", "city": "DEFIANCE", "state": "OH", "zip": "43512", "phone": "4197838930"}, "mail-address": {"street1": "401 CLINTON STREET", "street2": "PO BOX 467", "city": "DEFIANCE", "state": "OH", "zip": "43512"}, "former-company": {"former-conformed-name": "RURBAN FINANCIAL CORP", "date-changed": "19920703"}}
text: As
  filed with the Securities and Exchange Commission on August 21, 2017
  Registration
  No. 333-
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM
  S-8
  REGISTRATION
  STATEMENT UNDER THE SECURITIES ACT OF 1933
  SB
  FINANCIAL GROUP, INC.
  (Exact
  name of registrant as specified in its charter)
  Ohio
  34-1395608
  (State
  or other jurisdiction of
  incorporation or organization)
  (IRS
          Employer
  Identification
          No.)
  401
  Clinton Street
  Defiance,
  Ohio 43512
  (Address
  of Principal Executive Offices) (Zip Code)
  2017
  SB Financial Group Stock Incentive Plan
  (Full
  title of the plan)
  Anthony
          V. Cosentino
  Executive
          Vice President and Chief Financial Officer
  SB
          Financial Group, Inc.
  401
          Clinton Street
  Defiance,
          Ohio 43512
  (Name
          and address of agent for service)
  Copy
          to:
  Anthony
          D. Weis, Esq.
  Vorys,
          Sater, Seymour and Pease LLP
  52
          East Gay Street
  PO
          Box 1008
  Columbus,
          Ohio 43216-1008
  (419)
  783-8950
  (Telephone
  number, including area code, of agent for service)
  Indicate by check mark whether the registrant is a
  large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
  and "emerging growth company" in Rule 12b-2 of the Exchange Act.
  Large
      accelerated filer
  ☐
  Accelerated
      filer
  ☐
  Non-accelerated
      filer
  ☐
  Smaller
      reporting company
  þ
  (Do
      not check if a smaller reporting company)
  Emerging
  growth company
  ☐
  If an emerging growth company, indicate by check mark
  if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
  standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.   ☐
  CALCULATION
  OF REGISTRATION FEE
  Title of securities to be registered
  Amount to be registered (1)
  Proposed maximum offering
  price per share (2)
  Proposed maximum aggregate offering price (2)
  Amount of registration
  fee
  Common Shares, without par value
  500,000
  $
  16.52
  $
  8,260,000
  $
  957.33
  (1)
  In
                                           addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities
                                           Act"), this Registration Statement on Form S-8 also covers an indeterminate number
                                           of additional common shares that may become issuable under the terms of the 2017 SB Financial
                                           Group Stock Incentive Plan (the "Plan") to prevent dilution resulting from
                                           any stock dividend, stock split, recapitalization or other similar transaction affecting
                                           the common shares.
  (2)
  Estimated
                                           solely for the purpose of calculating the aggregate offering price and the registration
                                           fee pursuant to Rules 457(c) and 457(h) promulgated under the Securities Act and computed
                                           on the basis of $16.52 per share, which is the average of the high and low sales prices
                                           of the common shares of SB Financial Group, Inc. as reported on the NASDAQ Capital Market
                                           on August 18, 2017.
  Index
  to Exhibits begins on page 7
  PART
  I
  INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The
  document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants in the 2017
  SB Financial Group Stock Incentive Plan (the "Plan") as specified by Rule 428(b)(1) under the Securities Act of 1933,
  as amended (the "Securities Act"). Such documents are not being filed with the Securities and Exchange Commission
  (the "Commission") either as part of this Registration Statement on Form S-8 (this "Registration Statement")
  or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated
  by reference in this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute
  a prospectus that meets the requirements of Section 10(a) of the Securities Act.
  PART
  II
  INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
  Item
                                           3.
  Incorporation
                                           of Documents by Reference
  .
  SB
  Financial Group, Inc. (the "Registrant") hereby incorporates into this Registration Statement the following documents
  filed by the Registrant with the Commission:
  ●
  the
                                           Registrant's Annual Report on Form 10-K for the fiscal year ended December 31,
                                           2016, filed with the Commission on March 10, 2017;
  ●
  the
                                           Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017,
                                           filed with the Commission on May 10, 2017;
  ●
  the Registrants Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the Commission
  on August 11, 2017;
  ●
  the Registrant's Current Reports on Form 8-K filed with the Commission on April 25, 2017, May 22,
  2017, and August 21, 2017 (three reports);
  ●
  the
                                           definitive proxy statement for the Registrant's 2017 Annual Meeting of Shareholders
                                           filed with the Commission on March 10, 2017; and
  ●
  the
                                           description of the Registrant's common shares, without par value (the "Common
                                           Shares"), contained in the Registrant's Registration Statement on Form S-3
                                           (Registration No. 333-217206) filed by the Registrant with the Commission on April 7,
                                           2017, or contained in any subsequent amendment or report filed for the purpose of updating
                                           such description.
  All
  documents which may be filed by the Registrant with the Commission pursuant to Section 13(a), Section 13(c), Section 14 or Section
  15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), subsequent to the date of this Registration
  Statement and prior to the filing of a post-effective amendment which indicates that all securities offered under the Plan pursuant
  to this Registration Statement have been sold or which deregisters all securities then remaining unsold, shall also be deemed
  to be incorporated by reference in this Registration Statement and to be made a part hereof from the date of filing of such documents.
  To the extent that any information contained in any Current Report on Form 8-K, or any exhibit thereto, was or is furnished to,
  rather than filed with, the Commission, such information or exhibit is specifically not incorporated by reference into this Registration
  Statement.
  Any
  statement contained in this Registration Statement or in a document, all or a portion of which is incorporated or deemed to be
  incorporated by reference in this Registration Statement, shall be deemed to be modified or superseded for purposes of this Registration
  Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to
  be incorporated by reference in this Registration Statement modifies or supersedes such statement. Any such statement so modified
  or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
  -
  1
  -
  Item
                                           4.
  Description
                                           of Securities
  .
  Not
  Applicable.
  Item
                                           5.
  Interests
                                           of Named Experts and Counsel
  .
  Not
  Applicable.
  Item
                                           6.
  Indemnification
                                           of Directors and Officers
  .
  (a)         Ohio
  General Corporation Law
  Section 1701.13(E)
  of the Ohio Revised Code grants corporations broad powers to indemnify directors, officers, employees and agents. Section 1701.13(E)
  provides:
  (E) (1)           A
  corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any
  threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other
  than an action by or in the right of the corporation, by reason of the fact that the person is or was a director, officer, employee,
  or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee,
  member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or
  a partnership, joint venture, trust, or other enterprise, against expenses, including attorney's fees, judgments, fines,
  and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit, or proceeding,
  if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
  of the corporation, and, with respect to any criminal action or proceeding, if the person had no reasonable cause to believe the
  person's conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction,
  or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in
  good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and,
  with respect to any criminal action or proceeding, the person had reasonable cause to believe that the person's conduct
  was unlawful.
  (2)          A
  corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any
  threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor, by
  reason of the fact that the person is or was a director, officer, employee, or agent of the corporation, or is or was serving
  at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation,
  domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise,
  against expenses, including attorney's fees, actually and reasonably incurred by the person in connection with the defense
  or settlement of such action or suit, if the person acted in good faith and in a manner the person reasonably believed to be in
  or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any of the
  following:
  (a)          Any
  claim, issue, or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of the
  person's duty to the corporation unless, and only to the extent that, the court of common pleas or the court in which such
  action or suit was brought determines, upon application, that, despite the adjudication of liability, but in view of all the circumstances
  of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court of common pleas or such
  other court shall deem proper;
  (b)          Any
  action or suit in which the only liability asserted against a director is pursuant to section 1701.95 of the Revised Code.
  (3)           To
  the extent that a director, trustee, officer, employee, member, manager, or agent has been successful on the merits or otherwise
  in defense of any action, suit, or proceeding referred to in division (E)(1) or (2) of this section, or in defense of any
  claim, issue, or matter in the action, suit, or proceeding, the person shall be indemnified against expenses, including attorney's
  fees, actually and reasonably incurred by the person in connection with the action, suit, or proceeding.
  -
  2
  -
  (4)           Any
  indemnification under division (E)(1) or (2) of this section, unless ordered by a court, shall be made by the corporation
  only as authorized in the specific case, upon a determination that indemnification of the director, trustee, officer, employee,
  member, manager, or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth
  in division (E)(1) or (2) of this section. Such determination shall be made as follows:
  (a)          By
  a majority vote of a quorum consisting of directors of the indemnifying corporation who were not and are not parties to or threatened
  with the action, suit, or proceeding referred to in division (E)(1) or (2) of this section;
  (b)          If
  the quorum described in division (E)(4)(a) of this section is not obtainable or if a majority vote of a quorum of disinterested
  directors so directs, in a written opinion by independent legal counsel other than an attorney, or a firm having associated with
  it an attorney, who has been retained by or who has performed services for the corporation or any person to be indemnified within
  the past five years;
  (c)         By
  the shareholders;
  (d)         By
  the court of common pleas or the court in which the action, suit, or proceeding referred to in division (E)(1) or (2) of
  this section was brought.
  Any
  determination made by the disinterested directors under division (E)(4)(a) or by independent legal counsel under division (E)(4)(b)
  of this section shall be promptly communicated to the person who threatened or brought the action or suit by or in the right of
  the corporation under division (E)(2) of this section, and, within ten days after receipt of such notification, the person shall
  have the right to petition the court of common pleas or the court in which such action or suit was brought to review the reasonableness
  of that determination.
  (5) (a)    Unless
  at the time of a director's act or omission that is the subject of an action, suit, or proceeding referred to in division
  (E)(1) or (2) of this section, the articles or the regulations of a corporation state, by specific reference to this division,
  that the provisions of this division do not apply to the corporation and unless the only liability asserted against a director
  in an action, suit, or proceeding referred to in division (E)(1) or (2) of this section is pursuant to section 1701.95
  of the Revised Code, expenses, including attorney's fees, incurred by a director in defending the action, suit, or proceeding
  shall be paid by the corporation as they are incurred, in advance of the final disposition of the action, suit, or proceeding,
  upon receipt of an undertaking by or on behalf of the director in which the director agrees to do both of the following:
  (i)           Repay
  that amount if it is proved by clear and convincing evidence in a court of competent jurisdiction that the director's action
  or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken
  with reckless disregard for the best interests of the corporation;
  (ii)           Reasonably
  cooperate with the corporation concerning the action, suit, or proceeding.
  (b)          Expenses,
  including attorney's fees, incurred by a director, trustee, officer, employee, member, manager, or agent in defending any
  action, suit, or proceeding referred to in division (E)(1) or (2) of this section, may be paid by the corporation as they
  are incurred, in advance of the final disposition of the action, suit, or proceeding, as authorized by the directors in the specific
  case, upon receipt of an undertaking by or on behalf of the director, trustee, officer, employee, member, manager, or agent to
  repay that amount, if it ultimately is determined that the person is not entitled to be indemnified by the corporation.
  (6)          The
  indemnification or advancement of expenses authorized by this section shall not be exclusive of, and shall be in addition to,
  any other rights granted to those seeking indemnification or advancement of expenses under the articles, the regulations, any
  agreement, a vote of shareholders or disinterested directors, or otherwise, both as to action in their official capacities and
  as to action in another capacity while holding their offices or positions, and shall continue as to a person who has ceased to
  be a director, trustee, officer, employee, member, manager, or agent and shall inure to the benefit of the heirs, executors, and
  administrators of that person. A right to indemnification or to advancement of expenses arising under a provision of the articles
  or the regulations shall not be eliminated or impaired by an amendment to that provision after the occurrence of the act or omission
  that becomes the subject of the civil, criminal, administrative, or investigative action, suit or proceeding for which the indemnification
  or advancement of expenses is sought, unless the provision in effect at the time of that act or omission explicitly authorizes
  that elimination or impairment after the act or omission has occurred.
  -
  3
  -
  (7)          A
  corporation may purchase and maintain insurance or furnish similar protection, including, but not limited to, trust funds, letters
  of credit, or self-insurance, on behalf of or for any person who is or was a director, officer, employee, or agent of the corporation,
  or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of
  another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture,
  trust, or other enterprise, against any liability asserted against the person and incurred by the person in any such capacity,
  or arising out of the person's status as such, whether or not the corporation would have the power to indemnify the person
  against that liability under this section. Insurance may be purchased from or maintained with a person in which the corporation
  has a financial interest.
  (8)          The
  authority of a corporation to indemnify persons pursuant to division (E)(1) or (2) of this section does not limit the payment
  of expenses as they are incurred, indemnification, insurance, or other protection that may be provided pursuant to divisions (E)(5),
  (6), and (7) of this section. Divisions (E)(1) and (2) of this section do not create any obligation to repay or return
  payments made by the corporation pursuant to division (E)(5), (6), or (7).
  (9)          As
  used in division (E) of this section, "corporation" includes all constituent entities in a consolidation or merger
  and the new or surviving corporation, so that any person who is or was a director, officer, employee, trustee, member, manager,
  or agent of such a constituent entity, or is or was serving at the request of such constituent entity as a director, trustee,
  officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability
  company, or a partnership, joint venture, trust, or other enterprise, shall stand in the same position under this section with
  respect to the new or surviving corporation as the person would if the person had served the new or surviving corporation in the
  same capacity.
  (b)         
  Code of Regulations
  Article
  Five of the Code of Regulations of the Registrant governs indemnification by the Registrant and provides as follows:
  Section
  5.01. Indemnification
  . The corporation shall indemnify any person who was or is a party or is threatened to be made a party
  to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other
  than an action threatened or instituted directly by the corporation) by reason of the fact that he is or was a director or officer
  of the corporation or any present or former director or officer of the corporation who is or was serving at the request of the
  corporation as a director, trustee, officer, employee or agent of another corporation, partnership, joint venture, trust, or other
  enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in connection with such action,
  suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
  of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was
  unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of
  nolo contendere
  or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith
  and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and with respect
  to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
  Section
  5.02. Discretionary Indemnification
  . The corporation may indemnify any person who was or is a party or is threatened to be
  made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative
  by reason of the fact that he is or was an employee or agent of the corporation or is or was serving at the request of the corporation
  as a director, trustee, officer, employee or agent of another corporation, partnership, joint venture, trust, or other enterprise,
  against expenses (including attorneys' fees), judgments, fines and amounts paid in connection with such action, suit or
  proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
  corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
  The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of
  nolo contendere
  or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which
  he reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action
  or proceeding, he had reasonable cause to believe that his conduct was unlawful.
  -
  4
  -
  The
  corporation may also indemnify or agree to indemnify any person who was or is a party or is threatened to be made a party to any
  threatened, pending, or completed action or suit which is threatened or instituted by the corporation directly (rather than a
  derivative action in the right of the corporation) to produce a judgment in its favor by reason of the fact that he is or was
  a director or officer of the corporation or any present or former director or officer of the corporation who is or was serving
  at the request of the corporation as a director, trustee, officer, employee, or agent of another corporation, partnership, joint
  venture, trust, or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by him,
  judgments and amounts paid in connection with such action or suit if he acted in good faith and in a manner he reasonably believed
  to be in or not opposed to the best interests of the corporation, except that no such indemnification shall be made in respect
  of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the
  performance of his duty to the corporation unless and only to the extent that the Court of Common Pleas of Defiance County, Ohio
  or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability,
  but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses
  as such Court of Common Pleas or such other court shall deem proper.
  Section
  5.03. Indemnification for Expenses
  . To the extent that a director, trustee, officer, employee or agent has been successful
  on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 5.02 hereof, or in defense of any
  claim, issue or matter therein, he shall be promptly indemnified by the corporation against expenses (including attorneys'
  fees) actually and reasonably incurred by him in connection therewith.
  Section
  5.04. Determination Required
  . Any indemnification under Sections 5.01 and 5.02 (unless ordered by a court) shall be made by
  the corporation only upon a determination that the indemnification of the director, trustee, officer, employee or agent is proper
  in the circumstances because he has met the applicable standard of conduct set forth in Sections 5.01 and 5.02. Such determination
  shall be made (A) by the Board of Directors by a majority vote of a quorum consisting of directors who were not and are not parties
  to, or threatened with, such action, suit or proceeding or (B) if such a quorum is not obtainable or if a majority of a quorum
  of disinterested directors so directs, in a written opinion by independent legal counsel, or (C) by the shareholders. Any determination
  made by the disinterested directors or by independent legal counsel under this Section 5.04 to provide indemnity under Section
  5.01 or 5.02 to a person threatened or sued in the right of the corporation (derivatively) shall be promptly communicated to the
  person who threatened or brought the derivative action or suit in the right of the corporation, and such person shall have the
  right, within 10 days after receipt of such notification, to petition the Court of Common Pleas of Defiance County, Ohio or the
  court in which action or suit was brought to review the reasonableness of such determination.
  Section
  5.05. Advances for Expenses
  . Expenses (including attorneys' fees) incurred in defending any civil or criminal action,
  suit, or proceeding referred to in Sections 5.01 and 5.02 may be paid by the corporation in advance of the final disposition of
  such action, suit or proceeding as authorized by the Board of Directors in the specific case upon receipt of an undertaking by
  or on behalf of the director, trustee, officer, employee, or agent to repays such amount, unless it shall ultimately be determined
  that he is entitled to be indemnified by the corporation as authorized in this Article Five.
  Section
  5.06. Article Five Not Exclusive
  . The indemnification provided by this Article Five shall not be deemed exclusive of any other
  rights to which those seeking indemnification may be entitled under the Articles or the Regulations or any agreement, vote of
  shareholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another
  capacity while holding such office, and shall continue as to a person who has ceased to be a director, trustee, officer, employee,
  or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.
  Section
  5.07. Insurance
  . The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer,
  employee or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer,
  employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted
  against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would
  have the power to indemnify him against such liability under the provisions of this Article Five.
  -
  5
  -
  Section
  5.08. Definition of "the Corporation"
  . As used in this Article Five, references to "the corporation"
  include all constituent corporations in a consolidation or merger and the new or surviving corporation, so that any person who
  is or was a director, trustee, officer, employee or agent of such a constituent corporation, or is or was serving at the request
  of such constituent corporation as a director, trustee, officer, employee, or agent of another corporation, partnership, joint
  venture, trust, or other enterprise, shall stand in the same position under the provisions of this Article Five with respect to
  the new or surviving corporation as he would if he had served the new or surviving corporation in the same capacity.
  (c)          Insurance
  The
  Registrant maintains insurance policies under which directors and officers of the Registrant are insured, within the limits and
  subject to the limitations of such policies, against expenses in connection with the defense of actions, suits or proceedings,
  and certain liabilities that might be imposed as a result of such actions, suits or proceedings, to which they are parties by
  reason of being or having been directors or officers of the Registrant.
  (d)          Section
  3.1(f) of the Plan
  Section
  3.1(f) of the Plan provides that the Registrant will indemnify members of the Board of Directors (the "Board") or
  of the Compensation Committee with respect to their administration of the Plan under certain specified circumstances. Section
  3.1(f) of the plan provides as follows:
  Each
  person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company
  against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him in connection with
  or resulting from any claim, action, suit or proceeding to which he may be a party or in which he may be involved by reason of
  any action taken or failure to act under the Plan and against and from any and all amounts paid by him in settlement thereof,
  with the Company's approval, or paid by him in satisfaction of judgment in any such action, suit or proceeding against him;
  provided that he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes
  to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
  indemnification to which such person may be entitled under the Company's articles of incorporation or regulations, as a
  matter of law, or otherwise, or any power that the Company may have to indemnify him or hold him harmless.
  Item
                                           7.
  Exemption
                                           from Registration Claimed
  .
  Not
  applicable.
  -
  6
  -
  Item
                                           8.
  Exhibits
  .
  The
  following exhibits are filed with or incorporated by reference into this Registration Statement and made a part hereof:
  Exhibit No.
  Description
  4.1(a)
  Amended Articles of the Registrant (filed herwith)
  4.1(b)
  Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 30, 1997 (filed herewith).
  4.1(c)
  Certificate
      of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on May 27, 2011 (incorporated
      herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on June 1, 2011).
  4.1(d)
  Certificate
      of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 12, 2013 (incorporated
      herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on April 18, 2013 (File No.
      0-13507)).
  4.1(e)
  Certificate
      of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on November 6, 2014 (incorporated
      herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on November 12, 2014 (File No.
      0-13507)).
  4.1(f)
  Amended Articles of the Company, as amended (reflecting amendments through November 6, 2014) [for SEC reporting compliance purposes only – not filed with the Ohio Secretary of State] (filed herewith).
  4.2(a)
  Amended
      and Restated Regulations of the Registrant (incorporated herein by reference to Exhibit 3.5 to the Registrant's Annual
      Report on Form 10-K for the fiscal year ended December 31, 2005 (File No. 0-13507)).
  4.2(b)
  Certificate
      Regarding Adoption of Amendment to Section 2.01 of the Amended and Restated Regulations of the Registrant by the Shareholders
      on April 16, 2009 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed
      April 22, 2009 (File No. 0-13507)).
  4.3(a)
  Form
      of Certificate for 6.50% Noncumulative Convertible Perpetual Preferred Shares, Series A, of the Registrant (incorporated herein
      by reference to Exhibit 4.1 to the Registrant's Amendment No. 1 to Registration Statement on Form S-1 filed
      on November 6, 2014 (File No. 333-198879)).
  4.3(b)
  Form
      of Depositary Receipt of the Registrant (incorporated herein by reference to Exhibit 4.2 to the Registrant's Amendment
      No. 1 to Registration Statement on Form S-1 filed on November 6, 2014 (File No. 333-198879)).
  4.3(c)
  Deposit
      Agreement, dated November 6, 2014, by and among the Registrant, Computershare Inc. and Computershare Trust Company, N.A. as
      Depositary, and the Holders from time to time of the Depositary Receipts described therein (incorporated herein by reference
      to Exhibit 4.3 to the Registrant's Amendment No. 1 to Registration Statement on Form S-1 filed on November
      6, 2014 (File No. 333-198879)).
  -
  7
  -
  Exhibit No.
  Description
  4.4(a)
  Indenture, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Debenture Trustee, relating to Floating Rate Junior Subordinated Deferrable Interest Debentures (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).
  4.4(b)
  Amended and Restated Declaration of Trust of Rurban Statutory Trust II, dated as of September 15, 2005 (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).
  4.4(c)
  Guarantee Agreement, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Guarantee Trustee (incorporated herein by reference to Exhibit 4.3 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).
  5.1
  Opinion of Vorys, Sater, Seymour and Pease LLP as to the validity of the securities being registered (filed herewith)
  10.1
  2017 SB Financial Group Stock Incentive Plan (filed herewith)
  23.1
  Consent of Independent Registered Public Accounting Firm (BKD, LLP) (filed herewith)
  23.2
  Consent of Vorys, Sater, Seymour and Pease LLP (included in Exhibit 5.1)
  24.1
  Power of Attorney of Directors of the Registrant (filed herewith)
  Item
                                           9.
  Undertakings
  .
  (a)         The
  undersigned Registrant hereby undertakes:
  (1)         To
  file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To
                                           include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
  (ii)
  To
                                           reflect in the prospectus any facts or events arising after the effective date of the
                                           Registration Statement (or the most recent post-effective amendment thereof) which, individually
                                           or in the aggregate, represent a fundamental change in the information set forth in the
                                           Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume
                                           of securities offered (if the total dollar value of securities offered would not exceed
                                           that which was registered) and any deviation from the low or high end of the estimated
                                           maximum offering range may be reflected in the form of prospectus filed with the Commission
                                           pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
                                           no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation
                                           of Registration Fee" table in the effective registration statement; and
  (iii)
  To
                                           include any material information with respect to the plan of distribution not previously
                                           disclosed in the Registration Statement or any material change to such information in
                                           the Registration Statement;
  provided,
  however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to
  Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration
  Statement.
  -
  8
  -
  (2)         That,
  for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
  to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
  shall be deemed to be the initial bona fide offering thereof.
  (3)         To
  remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
  the termination of the offering.
  (b)         The
  undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
  filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
  Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of
  the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new
  registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
  to be the initial bona fide offering thereof.
  (c)         Insofar
  as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the provisions described in Item 6 of this Part II, or otherwise, the Registrant
  has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
  expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
  (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
  in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
  with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
  controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
  public policy as expressed in the Act and will be governed by the final adjudication of such issue.
  [Signature
  page to immediately follow]
  -
  9
  -
  SIGNATURES
  The
  Registrant.
  Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable
  grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration
  Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Defiance, State of Ohio,
  on August 21, 2017.
  SB FINANCIAL GROUP, INC.
  By:
  /s/
      Anthony V. Cosentino
  Anthony V. Cosentino,
  Executive Vice President and
  Chief Financial
      Officer
  Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has
  been signed by the following persons in the capacities indicated on August 21, 2017.
  Signature
  Title
  /s/
      Mark A. Klein
  Chairman,
      President and Chief Executive Officer
  Mark A. Klein
  (Principal
      Executive Officer) and Director
  /s/
      Anthony V. Cosentino
  Executive
      Vice President and Chief Financial Officer
  Anthony V.
      Cosentino
  (Principal
      Financial and Accounting Officer)
  /s/
      Gary M. Cates*
  Director
  Gary M. Cates
  /s/
      George W. Carter*
  Director
  George W.
      Carter
  /s/
      Robert A. Fawcett, Jr.*
  Director
  Robert A.
      Fawcett, Jr.
  /s/
      Gaylyn J. Finn*
  Director
  Gaylyn J.
      Finn
  /s/
      Richard L. Hardgrove*
  Director
  Richard L.
      Hardgrove
  /s/
      Rita A. Kissner*
  Director
  Rita A. Kissner
  /s/
      William G. Martin*
  Director
  William G.
      Martin
  /s/
      Timothy J. Stolly*
  Director
  Timothy J.
      Stolly
  * The
  undersigned, by signing his name hereto, does hereby sign this Registration Statement on Form S-8 on behalf of each of the directors
  of the Registrant identified above pursuant to a Power of Attorney executed by the directors identified above, which Power of
  Attorney is filed with this Registration Statement on Form S-8 as Exhibit 24.1.
  By:
  /s/ Anthony V. Cosentino
  Date: August 21,
      2017
  Anthony V. Cosentino, Attorney-in-Fact
  -
  10
  -
  INDEX
  TO EXHIBITS
  Exhibit No.
  Description
  4.1(a)
  Amended Articles of the Registrant (filed herwith)
  4.1(b)
  Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 30, 1997 (filed herewith).
  4.1(c)
  Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on May 27, 2011 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on June 1, 2011).
  4.1(d)
  Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on April 12, 2013 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on April 18, 2013 (File No. 0-13507)).
  4.1(e)
  Certificate of Amendment to the Amended Articles of the Registrant as filed with the Ohio Secretary of State on November 6, 2014 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on November 12, 2014 (File No. 0-13507)).
  4.1(f)
  Amended Articles of the Company, as amended (reflecting amendments through November 6, 2014) [for SEC reporting compliance purposes only – not filed with the Ohio Secretary of State] (filed herewith).
  4.2(a)
  Amended and Restated Regulations of the Registrant (incorporated herein by reference to Exhibit 3.5 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2005 (File No. 0-13507)).
  4.2(b)
  Certificate Regarding Adoption of Amendment to Section 2.01 of the Amended and Restated Regulations of the Registrant by the Shareholders on April 16, 2009 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed April 22, 2009 (File No. 0-13507)).
  4.3(a)
  Form of Certificate for 6.50% Noncumulative Convertible Perpetual Preferred Shares, Series A, of the Registrant (incorporated herein by reference to Exhibit 4.1 to the Registrant's Amendment No. 1 to Registration Statement on Form S-1 filed on November 6, 2014 (File No. 333-198879)).
  4.3(b)
  Form of Depositary Receipt of the Registrant (incorporated herein by reference to Exhibit 4.2 to the Registrant's Amendment No. 1 to Registration Statement on Form S-1 filed on November 6, 2014 (File No. 333-198879)).
  4.3(c)
  Deposit Agreement, dated November 6, 2014, by and among the Registrant, Computershare Inc. and Computershare Trust Company, N.A. as Depositary, and the Holders from time to time of the Depositary Receipts described therein (incorporated herein by reference to Exhibit 4.3 to the Registrant's Amendment No. 1 to Registration Statement on Form S-1 filed on November 6, 2014 (File No. 333-198879)).
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  11
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  Exhibit No.
  Description
  4.4(a)
  Indenture, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Debenture Trustee, relating to Floating Rate Junior Subordinated Deferrable Interest Debentures (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).
  4.4(b)
  Amended and Restated Declaration of Trust of Rurban Statutory Trust II, dated as of September 15, 2005 (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).
  4.4(c)
  Guarantee Agreement, dated as of September 15, 2005, by and between the Company and Wilmington Trust Company, as Guarantee Trustee (incorporated herein by reference to Exhibit 4.3 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (File No. 0-13507)).
  5.1
  Opinion of Vorys, Sater, Seymour and Pease LLP as to the validity of the securities being registered (filed herewith)
  10.1
  2017 SB Financial Group Stock Incentive Plan (filed herewith)
  23.1
  Consent of Independent Registered Public Accounting Firm (BKD, LLP) (filed herewith)
  23.2
  Consent of Vorys, Sater, Seymour and Pease LLP (included in Exhibit 5.1)
  24.1
  Power of Attorney of Directors of the Registrant (filed herewith)
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