First Federal Bank’s parent company, First Defiance Financial Corp., is buying Commercial Bancshares, parent company of Commercial Savings Bank, for about $63 million.
The deal is expected to close in the first quarter of 2017. Commercial Savings Bank will merge into First Federal Bank.
Upon completion of the purchase, the combined organization is expected to have about $2.8 billion in assets. The purchase will enhance and expand First Defiance’s presence in northwestern and north central Ohio, First Defiance Financial reported.
“Commercial is a high-quality bank with an established customer base, a strong balance sheet and similar core values. This combination will be an excellent fit culturally,” said Donald P. Hileman, chief executive officer of First Defiance. “In addition, this merger provides an extension of our growing market area. We are excited to serve Commercial’s customers with additional products and services and look forward to growing in Commercial’s communities.”
Robert E. Beach, chief executive officer of Commercial, said “We are pleased with the opportunity to partner with a company that has a culture and attitude towards customers similar to our own. First Federal has a long-standing tradition of community involvement and a philosophy of true community banking, which means local decision making, commitment to community and personalized customer service.”