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United Community Financial Corp to acquire Ohio Legacy Corp.

Global Banking News-September 9, 2016--United Community Financial Corp to acquire Ohio Legacy Corp

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Global Banking News - 09 September 2016

United Community Financial Corp. (NASDAQ: UCFC), a USD2.1bn financial services institution headquartered in Youngstown, Ohio and the parent of The Home Savings and Loan Company, and Ohio Legacy Corp. (OTC Pink: OLCB) have said that they have entered into a definitive agreement and plan of merger under which UCFC will acquire Ohio Legacy, parent of Premier Bank & Trust.

Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, holders of Ohio Legacy common stock may elect to receive either 2.736 shares of United Community common stock or USD18.00 per share in cash for each share of Ohio Legacy common stock held, or a combination of the two. The cash and stock transaction is valued at approximately USD18.00 per Ohio Legacy common share or approximately USD40.3m in the aggregate.

Headquartered in North Canton, Ohio, Premier Bank & Trust has approximately USD320m in total assets and operates four full-service banking centres in Ohio as well as a full-service wealth management and trust division.

The transaction is expected to close in the first quarter of 2017, subject to approval by the shareholders of Ohio Legacy, receipt of all required regulatory approvals and completion of other customary closing conditions.

United Community Financial Corp. is an USD2.1bn holding company headquartered in Youngstown, Ohio. Home Savings is a wholly owned subsidiary of the company and operates 31 retail banking offices and 12 loan production centres in Ohio, western Pennsylvania and West Virginia

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Publication:Global Banking News (GBN)
Geographic Code:1U3OH
Date:Sep 9, 2016
Words:298
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