Consumers Bank to buy two branches of CFBank
YOUNGSTOWN — Consumers National Bank will acquire CFBank branches in Wellsville and Calcutta, the companies have announced.
The agreement calls for CFBank to transfer to Consumers the land, buildings and other associated assets of the two branches, approximately $100 million in deposits and certain loans and other interest earning assets. In exchange, Consumers will pay to CFBank the net book value of the land, building and associated assets of the branches, the par value of the earning assets and a deposit premium equal to 1.75 percent of the average daily deposits for the 30 days preceding closing.
The purchase is subject to regulatory approval and satisfaction of certain customary closing conditions, expected to happen in the second quarter of 2021.
“The acquisition of these branches will strengthen our competitive position in Columbiana County and will complement our four Jefferson County locations. Consumers will hold approximately 12.5 percent of the Columbiana County deposit market share,” said Ralph J. Lober II, Consumers’ president and CEO.
The locations will house commercial and mortgage lenders and will provide a full range of consumer and business services.