MID AM SIGNS LETTER OF INTENT WITH COLONIAL FEDERAL
MID AM SIGNS LETTER OF INTENT WITH COLONIAL FEDERAL BOWLING GREEN, Ohio, Aug. 7 /PRNewswire/ -- Mid Am, Inc.
(NASDAQ: MIAM, MIAMP) today signed a letter of intent to acquire Colonial Federal Savings Bank, Bellefontaine, Ohio. Following the acquisition, Colonial Federal will merge with The American Community Bank, or The Americom Bank, a Mid Am, Inc. affiliate. Colonial Federal is an $84 million federally chartered thrift with two offices in Logan County, Ohio.
"We are very pleased to announce this merger and we look forward to working with the employees of Colonial Federal," stated Edward J. Reiter, chairman and chief executive officer of Mid Am, Inc. "They will bring additional strength and expertise to our Americom affiliate." All 28 Colonial Federal employees will become employees of Americom and Colonial Federal directors will become directors of Americom. Americom will be a national bank resulting from the merger of The Farmers Banking Company and The Citizens Loan & Building Company, both Mid Am, Inc. affiliates. The Farmers Banking Company is a $93 million national bank with headquarters in Bellefontaine. Farmers recently announced a definitive agreement to purchase certain assets and liabilities of the Marysville, Ohio, branch of Savings of America, a $25 million branch. "Completion of the merger with Colonial Federal will make Americom a $330 million national bank; a strong financial institution able to efficiently serve our diverse customer base," stated Gene Coffman, president and chief executive officer of The Farmers Banking Company. Coffman anticipates that the merger will generate significant operating efficiencies and increase market share. "This in-market merger will result in greater efficiencies for our customers," stated James Moore, Colonial's president and chief executive officer. "The combination of two of Logan County's finest community financial institutions will allow us to better serve our customers and our community." Second Acquisition in Four Weeks This acquisition marks Mid Am's second in four weeks. Last month, Mid Am entered into a definitive agreement to acquire the Apollo Savings & Loan Company, Cincinnati. Apollo is a $93 million state-chartered thrift. David R. Francisco, president and chief operating officer of Mid Am, Inc., stated, "The acquisition of both thrifts is in keeping with our plan for profitable growth. Our strategy is to enhance market share at reasonable prices, with high quality institutions." Both Apollo and Colonial Federal are strong financial institutions and will improve the overall strength of the corporation. Apollo is consistently rated "superior" by S & L Savings Bank Financial Quarterly and by I.D.C. Financial Publishing, Inc. In 1990, they were listed as one of the 13 best savings and loans in the country by Jim McTague in U.S.A. Today. In 1989, Colonial received the highest rating for savings and loans from Veribank Rating Service, a thrift rating service, and is considered a High Performance Savings & Loan by Alex Sheshunoff & Company, Inc. Mid Am, Inc. is a financial institution holding company that owns Mid American National Bank & Trust Company, Bowing Green; First National Bank Northwest Ohio, Bryan; The Farmers Banking Company, N.A., Lakeview; The Citizens Loan & Building Company, Lima; and Mid Am Information Services, Inc., the company's data processing affiliate. Upon completion of the Colonial Federal, Apollo and other pending transactions, Mid Am will have assets in excess of $1.68 billion and 71 offices in 18 counties throughout northwest, west central and southwest Ohio. -0- 8/7/92 R /CONTACT: David R. Francisco, president and chief operating officer of Mid Am, Inc., 419-352-5271; Gene Coffman, president and chief executive officer of Farmers Banking Company, N.A., 513-843-5233; or James Moore, president and chief executive officer of Colonial Federal Savings Bank, 419-593-2010/ (MIAM) CO: Mid Am, Inc.; Colonial Federal Savings Bank ST: Ohio IN: FIN SU: TNM
TS -- CL003R -- 7990 08/07/92 11:27 EDT
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|Date:||Aug 7, 1992|
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