YOUNGSTOWN Deal to spur growth of Home Savings
Home's parent company expects to close the deal on July 1.
YOUNGSTOWN -- United Community Financial Corp. has received approval from the Office of Thrift Supervision to acquire the Bellevue-based Industrial Bancorp.
United Community is the parent company of Home Savings and Loan Co., which has 17 full-service branches and four loan production offices in northeast Ohio, and Butler Wick Corp., which has 10 offices in northeast Ohio and western Pennsylvania.
United said in a news release issued Tuesday that it expects to close the transaction July 1, with the 12 branches of Industrial Savings and Loan becoming part of Home Savings. Later this year, the computer systems of the two organizations will be integrated and branch signs will bear the Home Savings name.
Quotable: "We believe Industrial customers will benefit from our expanded array of products and services coupled with the top quality, personalized customer service they have come to expect," said Douglas M. McKay, chairman and chief executive officer of United Community.
"Home Savings is focused on serving the individual financial needs of the residents, businesses and organizations in each of the communities in which it operates," he added.
Industrial has branch offices in Ashland, Bellevue, Clyde, Fremont, Findlay, Lexington, Norwalk, Sandusky, Tiffin and Willard. After the transaction is complete, Home Savings will operate 29 full-service offices and four loan origination offices throughout northern Ohio and have assets of more than $1.7 billion.
Strategy: McKay said the acquisition of Industrial fits into United Community's long-term strategic plan to grow through product and geographic expansion. In 1999, United Community acquired Butler Wick, which offers brokerage, trust and other investment products and services to consumers, businesses and public entities.
"The addition of Industrial will strengthen our organization and help to enhance shareholder value,'' McKay said. "It is United Community's intent to continue to explore profitable growth opportunities that are beneficial to customers, employees, shareholders and the communities in which we operate," he added.