OC Financial receives shareholder approval for merger.
Global Banking News - 18 June 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
OC Financial, Inc (OTC BB: OCFL), the holding company for Ohio Central Savings, has announced that its shareholders approved the proposed acquisition of OC Financial by First Place Financial Corporation (NASDAQ: FPFC), the holding company for First Place Bank.
Under the terms of the merger agreement, shareholders of OC Financial will receive 0.9615 shares of First Place common stock for each share of OC Financial common stock that they hold.
The acquisition, which is subject to certain customary closing conditions, is expected to be completed by the end of June 2008, and the subsequent merger of First Place Bank and Ohio Central Savings will occur by the middle of July 2008.
An USD3.3bn financial services holding company based in Warren, Ohio, First Place Financial Corporation operates 43 retail locations, two business financial service centres and 20 loan production offices.
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