YOUNGSTOWN, Ohio (WKBN) – United Community Financial Corporation, the parent company of Home Savings and Loan, announced late Thursday it has entered into a merger agreement with Premier Bank and Trust.
According to a news release, the transaction is valued at $40.3 million.
Premier Bank and Trust is headquartered in North Canton, Ohio, and has approximately $320 million in total assets and operates four full-service banking centers located in North Canton, Fairlawn and St. Clairsville, Ohio as well as a full-service wealth management and trust division.
As a result of the merger, it is anticipated that United Community and Home Savings will add Ohio Legacy’s current chairman, Louis Altman, to their boards of directors. In addition, Rick Hull, Ohio Legacy’s president and CEO, and Denise Penz, Ohio Legacy’s Executive vice president and COO, will join Home Savings as regional president and head of Wealth Management, respectively, according to the release.
“We are very pleased to be partnering with Premier Bank and Trust and expanding our presence in Canton, Akron and St. Clairsville, “ stated Gary Small, president and CEO of United Community. “Premier’s strengths fit perfectly with Home Savings’ focus on commercial banking and they bring wealth management and trust capabilities we can leverage across the entire Home Savings footprint.”
The deal is expected to close by the end of March, pending shareholder and regulatory approval.