Home Savings reaches deal to expand
YOUNGSTOWN — Home Savings and Loan Co. plans to continue growing outside the Mahoning Valley by adding a Solon-based bank.
The parent company of Youngstown-based Home Savings said Tuesday that it has reached a $131 million deal to acquire the holding company of Park View Federal Savings Bank.
Park View operates 17 branches in the Cleveland area and has assets of about $908 million, which would boost the Youngstown company’s assets by 33 percent to $3.7 billion. Loans are considered assets for banks.
“From a strategic perspective, this acquistion will give Home Savings considerable presence in the greater Cleveland market,” said Douglas McKay, chairman and chief executive of United Community Financial Corp., the parent company of Home Savings and Butler Wick Corp.
He added that the deal would complement the company’s expansion in recent years. UCFC acquired another banking company in northwest Ohio in 2001 and an East Liverpool-based company in 2002. Lately, it has been building branches in the Cleveland area. It opened a branch in Brimfield in March and is preparing to open one in Chardon.
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