The Commercial and Savings Bank Announces Agreement to Acquire Wooster Branches of Premier Bank & Trust
June 24 2011 - 8:20AM
Business Wire
Eddie Steiner, Chairman of The Commercial and Savings Bank
(“CSB”)(OTCBB: CSBB), and Rick Hull, President and CEO of Premier
Bank & Trust (“Premier”)(NASDAQ: OLCB), today announced that
CSB has entered into a definitive agreement with Premier to acquire
certain assets and assume certain liabilities of Premier’s Wooster
branches.
The transaction is subject to regulatory approval and other
customary closing conditions and is expected to close in the fourth
quarter of 2011. Under the terms and conditions of the transaction,
CSB will acquire Premier’s two Wooster branch office locations and
total loans of approximately $8.5 million, and will assume total
deposits of approximately $80 million. The loans are primarily
owner-occupied commercial real estate, commercial and industrial.
The deposits are primarily core and time deposits, including
checking, money market, savings accounts and certificates of
deposit.
Steiner said in a statement, “This transaction will extend CSB’s
retail banking presence into the Wooster market and complement our
existing commercial banking and trust activities already serving
the area. We are eager to begin serving many new customers and look
forward to welcoming the Wooster staff to our CSB team.”
Hull stated, “The transaction with CSB fits our strategic plan,
which is to concentrate our banking activities in our core market
of Stark County, leaving us open to future expansion. We have been
acquainted with the leadership at CSB for a number of years and we
find them to be people of great integrity. We believe that having
CSB as our successor in Wooster places our employees with a good
company and our clients with a banking organization that will serve
them well.”
About CSB Bancorp, Inc.
CSB is a wholly owned subsidiary of CSB Bancorp, Inc., a
financial holding company headquartered in Millersburg, Ohio, with
approximate assets of $445 million. CSB provides a complete range
of banking and other financial services to consumers and businesses
with fourteen banking centers in Holmes, Tuscarawas, Wayne and
Stark counties and Trust offices located in Millersburg and
Wooster, Ohio.
About Premier Bank & Trust
Premier is a wholly owned subsidiary of Ohio Legacy Corp, a bank
holding company headquartered in North Canton, Ohio. Premier
provides financial services to small businesses and consumers
through four full-service banking locations in Canton and Wooster,
Ohio, and a Wealth office in St. Clairsville, Ohio.
Forward-Looking Statement
This release contains forward-looking statements relating to
present or future trends or factors affecting the banking industry,
and specifically the financial condition and results of operations,
including without limitation, statements relating to the earnings
outlook of the Companies, as well as their operations, markets and
products. Actual results could differ materially from those
indicated. Among the important factors that could cause results to
differ materially are interest rate changes, softening in the
economy, which could materially impact credit quality trends and
the ability to generate loans, changes in the mix of the Companies’
business, competitive pressures, changes in accounting, tax or
regulatory practices or requirements and those risk factors
detailed in the Companies’ periodic reports and registration
statements filed with the Securities and Exchange Commission. The
Companies undertake no obligation to release revisions to these
forward-looking statements or reflect events or circumstances after
the date of this release.
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