Printer Friendly

CHARTER ONE FINANCIAL, WOMEN'S FEDERAL SAVINGS BANK EXECUTE DEFINITIVE AGREEMENT

 CHARTER ONE FINANCIAL, WOMEN'S FEDERAL
 SAVINGS BANK EXECUTE DEFINITIVE AGREEMENT
 CLEVELAND, Oct. 26 /PRNewswire/ -- Charter One Financial, Inc. (NASDAQ/NMS: COFI) and Women's Federal Savings Bank, Cleveland, Ohio, jointly announced today the execution of a Definitive Acquisition Agreement providing for the acquisition of Women's Federal by Charter One in a cash and stock transaction. Under the terms of the Agreement, Women's Federal will be merged into Charter One's subsidiary, Charter One Bank, F.S.B.
 The transaction was previously announced on September 14, 1992, at which time a Letter of Intent was executed.
 Under the terms of the Agreement, each share of Women's Federal stock will be exchanged for .9749 shares of Charter One's common stock and $10.27 in cash, or a total value to each Women's Federal stockholder of $35.62 per share based on the current trading price of Charter One's common stock. Charter One will issue a total of approximately 2.2 million shares of its common stock and $23.26 million in cash in the transaction, for an aggregate value of approximately $80.67 million.
 Completion of the transaction is expected to occur in the first quarter of 1993, subject to Women's Federal shareholder approval, fairness opinions, regulatory approvals and satisfaction of a number of conditions.
 The acquisition will be Charter One's fourth in the past 18 months and the 14th since 1980. With Women's Federal, Charter One will have total assets of approximately $5.1 billion and 103 banking locations in 14 Ohio counties. Charter One Bank currently serves the Cleveland, Toledo, Akron, Canton, Youngstown and Portsmouth, Ohio, markets.
 -0- 10/26/92
 /CONTACT: Charles John Koch, Leonard A. Krysinski or James E. Pietrangelo of Charter One Financial, Inc., 216-566-5300; or Patrick Gallagher of Edward Howard & Co., 216-781-2400, for Charter One Financial, Inc./
 (COFI) CO: Charter One Financial ST: Ohio IN: FIN SU:


LC -- CL004 -- 4596 10/26/92 09:22 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1992
Words:318
Previous Article:PCB-RELATED INJURY CLAIMS ARE RULED UNFOUNDED
Next Article:EXIDE CORPORATION FILES REGISTRATION STATEMENT FOR $150M SENIOR NOTES AND $110M PRINCIPAL AMOUNT OF SUBORDINATED DEFERRED COUPON DEBENTURES
Topics:


Related Articles
CHARTER ONE FINANCIAL, INC. TO ACQUIRE FIRST AMERICAN BANCORP OF CANTON, OHIO
MID AM SIGNS LETTER OF INTENT WITH COLONIAL FEDERAL
CHARTER ONE FINANCIAL, INC. TO ACQUIRE WOMEN'S FEDERAL SAVINGS BANK
CCB AND MUTUAL SAVINGS BANK ANNOUNCE PLANNED COMBINATION
CHARTER ONE BANK, F.S.B. AND WOMEN'S FEDERAL SAVINGS ANNOUNCE COMPLETION OF MERGER
CCB AND GRAHAM SAVINGS BANK ANNOUNCE PLANNED COMBINATION
CENTRAL HOLDING COMPANY'S WHOLLY OWNED SUBSIDIARY EXECUTES AGREEMENT TO SELL ITS MAIN OFFICE BUILDING
AMSOUTH AND COMMUNITY FEDERAL SAVINGS BANK SIGN DEFINITIVE AGREEMENT TO MERGE
CHARTER FEDERAL SAVINGS BANK AND CO-OPERATIVE SAVINGS BANK JOINTLY ANNOUNCE DEFINITIVE AGREEMENT CONCERNING BRANCH ACQUISITION
CHARTER FEDERAL ANNOUNCES COMPLETION OF BRANCH SALE

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters