United Community Financial, the holding company of The Home Savings and Loan Company, has completed the sale of Home Savings' four western-most branches to Croghan Colonial Bank, a subsidiary of Croghan Bancshares.
Croghan has acquired the branches located in Fremont, Clyde, Tiffin and downtown Tiffin in Ohio and also expects to maintain the Home Savings employees at the branches.
As a part of the agreement, Croghan assumed all of the deposit liabilities and the associated fixed assets of the branches and paid a premium of 4% ($4.5m) on the deposits at the branches which were about $111.4m.
Additionally, Croghan also acquired performing consumer and residential loans associated with the branches reportedly worth $20.9m at all the branches.
Home Savings conducts business through 34 retail banking offices and eight loan production centres in Ohio and western Pennsylvania.