Croghan has acquired the branches located in Fremont, Clyde, Tiffin and downtown Tiffin in Ohio and also expects to maintain the Home Savings employees at the branches.
As a part of the agreement, Croghan assumed all of the deposit liabilities and the associated fixed assets of the branches and paid a premium of 4% ($4.5m) on the deposits at the branches which were about $111.4m.
Additionally, Croghan also acquired performing consumer and residential loans associated with the branches reportedly worth $20.9m at all the branches.
Home Savings conducts business through 34 retail banking offices and eight loan production centres in Ohio and western Pennsylvania.
