First Defiance Financial Corp., holding company of First Federal Bank of the Midwest, and United Community Financial Corp., holding company of Home Savings Bank, jointly announced that approval has been received from the Federal Reserve Bank, the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions for the merger of United Community with and into First Defiance, followed by the merger of Home Savings with and into First Federal Bank.
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. First Federal Bank will convert from a federal savings association to an Ohio-chartered commercial bank.
“We are pleased to have received all necessary shareholder approvals in mid-December and now to have received all required approvals from the Regulatory Authorities. We are progressing as planned, and we anticipate to close the transaction at the end of January,” First Defiance President and CEO Donald P. Hileman said in a statement. “We are excited to bring together two organizations as a premier community bank with enhanced products, services and technology while honoring our commitment to superior customer service, personalized financial solutions and unwavering community support.”
The transaction was announced on September 9, 2019, and is expected to close on Jan. 31, pending the satisfaction of all closing considerations. Customer account conversion is planned for early third quarter 2020.
