Home Savings merger OK’d
YOUNGSTOWN — Regulatory approval has been won for the merger of Home Savings Bank with First Federal Bank of the Midwest, the banks’ holding companies have announced.
The parent companies, United Community Financial Corp. and First Defiance Financial Corp., also will join under the approval given by the Federal Reserve Bank, the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions.
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.The transaction is expected to close by the end of January. Customer account conversion is planned for early third quarter 2020.