First Federal Bank operates 44 full-service branches in northwest and central Ohio, southeast Michigan and northeast Indiana and a loan production office in Ann Arbor, Michigan
First Defiance Financial receives regulatory approval for United Community Financial merger. (Credit: Gerd Altmann from Pixabay.)
First Defiance Financial Corp. (Nasdaq: FDEF) (“First Defiance”), holding company of First Federal Bank of the Midwest (“First Federal Bank”), and United Community Financial Corp. (Nasdaq: UCFC) (“United Community”), holding company of Home Savings Bank (“Home Savings”), jointly announced today that approval has been received from the Federal Reserve Bank, the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions (collectively, the “Regulatory Authorities”) for the merger of United Community with and into First Defiance, followed by the merger of Home Savings with and into First Federal Bank.
Immediately prior to the merger, First Defiance will convert from a Unitary Thrift Holding Company to a Bank Holding Company, and it has elected Financial Holding Company status, and First Federal Bank will convert from a Federal Savings Association to an Ohio-chartered commercial bank.
“We are pleased to have received all necessary shareholder approvals in mid-December and now to have received all required approvals from the Regulatory Authorities. We are progressing as planned, and we anticipate to close the transaction at the end of January,” stated Donald P. Hileman, President and CEO of First Defiance. “We are excited to bring together two organizations as a premier community bank with enhanced products, services and technology while honoring our commitment to superior customer service, personalized financial solutions and unwavering community support.”
First Defiance’s Board of Directors approved the selection of directors that will sit on the combined company’s board following the completion of the merger. The new board will consist of 13 members including John L. Bookmyer, current First Defiance Chairman, serving as Chairman of the Board until succession of Donald Hileman to Executive Chairman when he relinquishes his CEO role. John Bookmyer will serve on the board until he stands for reelection at the 2022 Annual Meeting of Shareholders. Richard J. Schiraldi, current United Community Chairman, will serve as Vice Chairman of the Board until he stands for reelection at the 2020 Annual Meeting of Shareholders.
Source: Company Press Release