First Defiance Financial Corp., holding company for Defiance-based First Federal Bank of the Midwest, and United Community Financial Corp, the parent organization of Youngstown-based Home Savings Bank, have completed their merger effective Feb. 3.
The deal — which is about as close to a merger of equals as it gets — was announced in September and is valued at $473 million. You can read more about how the deal came together in this Crain's story from the time.
The combined bank features approximately $6.3 billion in total assets, with $5.2 billion in deposits and $5.2 billion in loans with operations in Ohio, Michigan, Indiana, Pennsylvania and West Virginia. The company includes 77 branches spanning those markets, plus 12 mortgage loan offices and three wealth management offices.
The company is expected to roll out a new name around the third quarter, which is about the time customer accounts will be fully converted and all systems fully integrated.
"This is an exciting day for us as we combine two great community banks with shared values and a deep commitment to delivering smart solutions that bring lasting value to our clients and the communities we proudly serve," said First Defiance CEO Donald Hileman in a statement. "Our combined organization boasts the combined talent, vision and resources that will allow us to continue to grow and be the partner of choice in the communities we serve."
Gary Small, CEO for UCFC/Home Savings — whose stock is now delisted from NASDAQ — is now president of First Defiance. He'll stay in that role until 2021, when he will transition into president and CEO. Hileman will become chairman at that time.
"We're confident that our customers and communities will continue to be well served," Small said in a statement. "We're building an even stronger, relationship-focused community bank with additional branches, advanced technology and more resources to position us well for future success."
First Defiance stock (NASDAQ: FDEF) is trading around $30.17 per share as of the morning of Tuesday, Feb. 4. Its stock at this point a year ago was $28.57.
You can find more details on the makeup of the new First Defiance board here.
Factors are ripe for bank M&A activity in 2020 to center more on smaller to midsize community banks, similar to what played out in the First Defiance deal — particularly in Northeast Ohio, which you can read more about here.
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First Defiance Financial Corp. completes acquisition of Youngstown's United Community Financial Corp. - Crain's Cleveland Business
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