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NILES -- First Niles Financial Inc., the holding company of Home Federal Savings and Loan Association of Niles, has acquired Mentor-based Union Capital Mortgage Corp. in a cash and stock transaction.
The transaction, which has been approved by the board of directors of each company, when finalized means Union Capital will become a wholly owned subsidiary of Home Federal.
Founded in 1995, Union Capital is a residential mortgage company that originates and funds loans in Ohio, Florida and Georgia.
The transaction is expected to close in the first quarter of 2020. Terms of the deal were not disclosed.
"We are excited about the opportunities that Union Capital provides us in expanding our customer base and access to markets throughout northeast Ohio," said Dan Csontos, president of Home Federal. "We expect the acquisition to be accretive to earnings per share immediately."
Said Ronald M. Szuch, founder and president of Union Capital, "We look forward to growing with Home Federal and expanding our service offering to better serve the needs of our customers. I also believe that the requirements for growth are already in place and that Home Federal's 'common sense' approach to lending fits in perfectly with Union Capital's own lending philosophy."