Community Savings Bank Bethel, Ohio and The Home Building and Loan Company (Home Building & Loan) Greenfield, Ohio have jointly announced that the companies have entered into a definitive agreement in which Home Building & Loan will merge with Community Savings Bank.
As a result of the merger, Community Savings Bank will expand its community banking services into the Greenfield community.
The transaction, which has been approved unanimously by the Boards of Directors of Community Savings Bank and Home Building & Loan, will create a strong partnership between two culturally compatible, mutual community banks. The merger is subject to the approval by bank regulatory agencies and other customary conditions of closing, and is expected to be completed during the second half of 2014.
Upon the closing of the transaction, it is anticipated that James Wilson, Home Building & Loan’s President and CEO will join the senior management team of Community Savings Bank, and Steve Pearce and Steve Lewis will join the Board of Directors of Community Savings Bank.
“This is a unique and exciting opportunity to combine two well-respected community banks that share a strong commitment to our local communities,” said John Essen, President and Chief Executive Officer of Community Savings Bank. “This merger gives us a meaningful presence in Highland County and we look forward to providing Home Building & Loan’s customers and communities a full-service relationship banking experience.”
“Partnering with Community Savings Bank will allow The Home Building and Loan
Company to expand products and service to our customers without compromising the level of personal attention they have come to expect,” commented James Wilson, President and CEO of The Home Building and Loan Company.
Steve Pearce, a 30-year member of the Board of Directors of The Home Building and Loan added, “I am confident that the merging of these two financial institutions will strengthen the balance sheet as many more products become available to our customers. These additional services will better serve our customers while increasing our investment in and commitment to the Greenfield Community.”
Community Savings Bank was advised by Dinsmore & Shohl, LLP as legal counsel. Home Building & Loan was advised by Vorys, Sater, Seymour and Pease LLP as legal counsel.
Community Savings Bank is a full service mutual community bank headquartered in Bethel, Ohio that specializes in providing personal banking, including checking accounts, online banking products, investment services, real estate, construction, commercial and consumer loans to professionals and individuals. The Company, founded in 1889, is also strongly supportive of the local communities it serves and is an active member in many community organizations in Clermont County. More information can be found at www.bankwith-csb.com .
Community Savings Bank has one location and approximately $42.5 million in assets, $33.9 million in loans, $34.6 million in deposits, and $5.9 million in equity as of March 31, 2014.
Home Building and Loan has been providing savings and residential lending solutions to the Greenfield community since 1886 with an emphasis on personal banking relationships.
Home Building & Loan has one location and approximately $37.5 million in assets, $10.0 million in loans, $32.7 million in deposits, and $5.0 million in equity as of March 31, 2014.