DEFINITIVE AGREEMENT SIGNED
DEFINITIVE AGREEMENT SIGNED BOWLING GREEN, Ohio, April 16 /PRNewswire/ -- Mid Am, Inc.
(NASDAQ: MIAM) today announced signing a definitive agreement with Ultra Bancorp, Xenia, Ohio, in which Ultra will become a newly formed subsidiary of Mid Am, Inc., a financial services holding company. Ultra is a thrift holding company that owns Home Federal Savings Bank, a federally chartered savings bank.
"With this acquisition Mid Am will be entering the southwestern Ohio market which is adjacent to our current network of financial institutions. As a result of the transaction, Mid Am will operate, through Home Federal, offices in several communities in the Dayton and Cincinnati area, including Xenia, Dayton, Kettering, Beavercreek, Cedarville, Monroe, Springboro, and Montgomery," stated Edward J. Reiter, chairman and chief executive officer of Mid Am. James E. Laughlin, chairman of the board of Ultra, added, "Our association with Mid Am, Inc. will make us a stronger competitor throughout our market area, with the opportunity to offer a broader array of products and services, including international and trust services." Upon completion of the transaction, Laughlin will serve on the Mid Am, Inc. board of directors. Both Reiter and Laughlin emphasized that Home Federal will maintain its current board of directors, management and staff. Under the terms of the agreement, Ultra shareholders will receive $18 per share of Ultra common stock, payable in Mid Am, Inc. shares. The transaction is valued at $10.86 million (on a fully diluted basis). Ultra had assets of $200 million at Dec. 31, 1991, and Mid Am, Inc. had total assets of $1.2 billion at the same date. Upon consummation, Mid Am, Inc. will have assets in excess of $1.4 billion, and 66 banking locations in 17 counties throughout the western half of Ohio. The transaction is subject to the approval of Ultra's shareholders and the appropriate regulatory authorities. It is anticipated the transaction will be completed in the second half of 1992. -0- 4/16/92 /CONTACT: David R. Francisco, president & CEO of Mid Am, 419-352-5271, or James E. Laughlin, chairman & CEO of Home Federal Savings, 513-372-6933/ (MIAM) CO: Mid Am, Inc.; Home Federal Savings Bank ST: Ohio IN: FIN SU: TNM
CG -- CL019 -- 9507 04/16/92 16:45 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 16, 1992|
|Previous Article:||FORD MOTOR COMPANY ANNOUNCEMENT FOR EARTH DAY: MAJOR NEW RECYCLING FACILITY TO SERVE 50 FORD SOUTHEAST MICHIGAN LOCATIONS|
|Next Article:||BERGEN BRUNSWIG DECLARES REGULAR DIVIDEND, NAMES NEW DIRECTOR, REALIGNS SENIOR MANAGEMENT, PURCHASES STOCK|