First Defiance Financial has wrapped the acquisition of United Community Financial in a deal valued at nearly $527m.
The merger of two Ohio community financial institutions was first announced in September 2019.
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The merger created a new Midwest bank with $6.3bn in assets, $5.2bn in deposits, and $5.2bn in loans.
The merged entity has operations in Ohio, Michigan, Indiana, Pennsylvania and West Virginia.
Headquartered in Defiance, Ohio, First Defiance will be the holding company of the merged entity and the franchised bank will be headquartered in Youngstown, Ohio.
First Defiance shareholders now own about 52.5% of the combined company, while United Community shareholders own the remaining stake.
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By GlobalDataFirst Defiance CEO Donald Hileman said: “This is an exciting day for us as we combine two great community banks with shared values and a deep commitment to delivering smart solutions that bring lasting value to our clients and the communities we proudly serve.
“Our combined organisation boasts the combined talent, vision and resources that will allow us to continue to grow and be the partner of choice in the communities we serve.”
The completion of merger follows the receipt of final approval from regulatory entities last month, including Federal Reserve Bank Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions.
First Defiance president Gary Small added: “We’re building an even stronger, relationship-focused community bank with additional branches, advanced technology and more resources to position us well for future success.”
Customer account conversions and full system integrations are expected to be completed by the third quarter this year.
