First Niles Completes $3.33M Acquisition of Union Capital Mortgage
NILES, Ohio – First Niles Financial Inc. has completed its acquisition of Union Capital Mortgage Corp. in a $3.33 million transaction.
First Niles, the parent company of Home Federal Savings and Loan Association of Niles, completed the cash and stock transaction Monday.
Union Capital will continue to operate its mortgage banking business from its 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 First Niles President and CEO Daniel E. Csontos in a statement “We are appreciative of the hard work and dedication of employees of Union Capital and First Niles in completing this transaction.”
At the end of the second quarter, First Niles had approximately $112.9 million in total assets, $67.9 million in total loans and $75.6 million in total deposits.
Published by The Business Journal, Youngstown, Ohio.