NILES — First Niles Financial Inc. has completed its definitive stock purchase acquisition of Mentor-based Union Capital Mortgage Corp.

The cash and stock transaction is valued at about $3.3 million and makes Union Capital a wholly-owned subsidiary of Home Federal Savings and Loan Association of Niles, which is owned by First Niles.

Union Capital will continue to operate its mortgage banking business from offices in Mentor, Westlake and Hudson.

“We are thrilled to complete this transaction, which expands our presence in the Cleveland market and helps diversify our business model,” said Daniel E. Csontos, president and CEO of First Niles.

At the end of the second quarter this year, First Niles had approximately $112.9 million in total assets, $67.9 million in total loans and $75.6 million in total deposits.

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