First Defiance Financial and United Community Financial have received all required approvals from the regulatory authorities for the merger of the two companies.
The companies secured final approval from regulatory entities, including the Federal Reserve Bank, the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions.
The transaction, which was announced in September 2019, is expected to be closed by the end of this month, subject to closing considerations.
First Defiance Financial, headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group.
Headquartered in Youngstown, Ohio, United Community Financial is the holding company for Home Savings Bank and HSB Insurance, commonly referred to as James & Sons.
Prior to the merger, First Defiance will convert from a Unitary Thrift holding company to a bank holding company.
The pro forma combined company will have about $6.1bn in assets, $5bn in loans and $4.9bn in deposits, based on financial information as of 30 June 2019.
Upon completion of the merger, First Defiance president and CEO Donald Donald Hileman will serve as the CEO of the holding company and the bank before transitioning to an executive chairman role in early 2021
Hileman said: “We are excited to bring together two organizations as a premier community bank with enhanced products, services and technology while honoring our commitment to superior customer service, personalized financial solutions and unwavering community support.”
The combined company will operate under a name to be jointly determined before closing. The holding company will be headquartered in Defiance, Ohio, while the bank will be based in Youngstown, Ohio.