NILES, Ohio – First Niles Financial Inc. and its wholly owned subsidiary, Home Federal Savings and Loan of Niles, announced a successful capital raise of $2.05 million.
Daniel Csontos, CEO and president of First Niles, said the capital will be used to fuel the bank’s growth plans, expand lending capacity and enhance its ability to lend to the local community.
“This capital raise allows us to accelerate our strategic initiatives, including expanding our mortgage offerings, enhancing our technology infrastructure and strengthening our commitment to providing accessible financing to the communities we serve,” Csontos said.
He said the capital raise received considerable interest from the investment community, underscoring their confidence in the financial health and future trajectory of the bank.
Home Federal Savings and Loan Association of Niles, the city’s oldest savings institution, has been in the community since 1897. It trades under the symbol FNFI.