Ohio-based First Place Bank, a wholly-owned subsidiary of First Place Financial Corp, has announced that it has signed a purchase and assumption agreement with AmTrust Bank to acquire its branches in Lake County, Ohio. The transaction is expected to close during third quarter of 2009, subject to regulatory approval.
The transaction will include the assumption of approximately $225 million in deposits in exchange for certain fixed assets of the offices, a pool of mortgage loans estimated to be approximately $160 million by closing and cash, net of a 3% premium paid on deposits. The acquisition is anticipated to be accretive to diluted earnings per share by approximately $0.11 in the first year of operation exclusive of transaction costs of $0.02 per diluted share.
Steven Lewis, President and Chief Executive Officer of First Place Financial, said: “This purchase fits with our strategy of increasing our presence in the Cleveland market. We’ve been helping Lake County residents with mortgage lending for years, and we’re pleased that we will now be able to deliver our brand of community banking through these newly acquired retail offices. Further it is important to note that we expect to retain the existing staff positions. The customers in these branches can expect to receive the same high level of service from the individuals that they have grown to respect and trust.”
Cleveland, Ohio-based AmTrust offers customized checking, investment, and small business services.
