Enterprise Federal to Acquire Deposits of Three Western Ohio Financial Branch Offices.WEST CHESTER West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Ohio--(BUSINESS WIRE)--June 16, 1998--Enterprise Federal Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EFBI) and Western Ohio Financial Corp. (NASDAQ:WOFC WOFC Wizards of the Coast WOFC Warrant Officer Flight Course ) jointly announced today that their banking subsidiaries, Enterprise Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks and Cornerstone Bank, have signed a definitive agreement in which Enterprise Federal Savings Bank will purchase the deposits of three branch offices in Cincinnati from Cornerstone Bank. Under the terms of the agreement, Enterprise will acquire the deposits associated with Cornerstone's branches located at 4860 Hunt Road, 1440 Main Street and 8370 Colerain Avenue. Combined the three branches have approximately $70.1 million in deposits. Terms of the transaction were not disclosed. The acquisition, subject to regulatory approval, is expected to be completed in the fourth quarter. Otto Otto, Austrian archduke Otto: see Hapsburg, Otto von. L. Keeton, president and chief executive officer of Enterprise Federal Bancorp, stated, "The acquisition contributes significantly to the continued growth of our Company andour strategy forthe Greater Cincinnati market. It enhances our market share and enables us to broaden our lending capabilities in these markets. We look forward to welcoming these Cornerstone Bank customers and employees." The sale of the branch deposits is part of Western Ohio's exit strategy from the Cincinnati market area. John W. Raisbeck, president and chief executive officer of Western Ohio, commented, "This transaction represents a part of our broader strategy of concentrating more fully on our traditional strengths and the greater west central Ohio market area. This divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). will significantly enhance our company's efficiency ratio and allow us to improve our financial performance." WOFC expects to take an estimated one-time charge of $913,000, after tax, upon completion of the sale of its Cincinnati offices. WOFC expects this transaction to be immediately accretive to future earnings per share as well as improve its return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). and return on equity. McDonald & Company Securities Inc. is serving as Western Ohio's financial adviser in connection with this transaction.
CONTACT: Enterprise Federal Bancorp Inc.
Thomas J. Noe, 513/755-4600
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