Banking & Finance

Regulators Approve UCFC Buying Ohio Legacy Corp.

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YOUNGSTOWN, Ohio – United Community Financial Corp., holding company of the Home Savings and Loan Co., said Thursday that it has received all needed regulatory approvals to acquire Ohio Legacy Corp., holding company of Premier Bank & Trust.

The purchase , a stock and cash deal valued at $40.3 million announced Sept. 8, is expected to close Jan. 31, UCFC said, pending the approval of Ohio Legacy shareholders when they meet Jan. 27.

Conversion of Ohio Legacy systems is scheduled the weekend of March 26-27 when the four offices of Premier Bank change their name to Home Savings Bank along with the 31 retail offices of the Home Savings and Loan Co.

Home Savings, which has assets of $2.2 billion, will see those assets increase by $320 million to more than $2.5 billion upon closing of the transaction.

Published by The Business Journal, Youngstown, Ohio.