Liberty Capital, Inc. completes sale of Ohio franchise to First Financial Bank
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Liberty Capital, Inc. has announced that its wholly-owned banking subsidiary, Liberty Savings Bank, FSB, has completed the sale of its 16 Financial Centers in Ohio to First Financial Bank of Cincinnati.
The Ohio Financial Centers were closed on Saturday, September 24, 2011 to facilitate the conversion and signage to First Financial Bank. Ryan J. Powell, Chief Administrative Officer, said “We are pleased to sell the Ohio franchise to an organization with similar client-centered values and excellent customer service to ensure our clients and former staff members are well served.”
The privately held Wilmington-based company, founded in Highland County, Ohio in 1889, will retain back-office operations in Dayton and Wilmington to support its 17 retail banking offices in Colorado, Florida and South Carolina. The bank will continue its mortgage servicing and online banking operations in Ohio.
“It is a deal that makes us stronger for the future” said Powell. Liberty maintains its national charter and will officially remain an Ohio company. “We are excited about our fully recapitalized position. It allows us to focus our synergy in serving our clients in our Florida, South Carolina and Colorado markets.”
First Financial paid $25.2 million for the acquisition of Liberty’s Ohio franchise which represents a 7.4 percent premium on the $340.8 million in Liberty deposits that it acquired. Liberty’s Tier 1 regulatory capital ratio increased to 12.7% as a result of this transaction. First Financial Bank retained most of the Liberty Savings Bank Financial Center employees.
Profile of Liberty Capital, Inc.
From its modest beginnings well over a century ago, Liberty Savings Bank has grown into a successful financial institution as a result of superior banking products and a commitment to quality customer service. Liberty Savings Bank is a full service community bank with Financial Centers located in CO, FL and SC. Assets total $953 million as of June 30, 2011. Liberty Savings Bank is an Equal Housing Lender and Member FDIC.[[In-content Ad]]
The Ohio Financial Centers were closed on Saturday, September 24, 2011 to facilitate the conversion and signage to First Financial Bank. Ryan J. Powell, Chief Administrative Officer, said “We are pleased to sell the Ohio franchise to an organization with similar client-centered values and excellent customer service to ensure our clients and former staff members are well served.”
The privately held Wilmington-based company, founded in Highland County, Ohio in 1889, will retain back-office operations in Dayton and Wilmington to support its 17 retail banking offices in Colorado, Florida and South Carolina. The bank will continue its mortgage servicing and online banking operations in Ohio.
“It is a deal that makes us stronger for the future” said Powell. Liberty maintains its national charter and will officially remain an Ohio company. “We are excited about our fully recapitalized position. It allows us to focus our synergy in serving our clients in our Florida, South Carolina and Colorado markets.”
First Financial paid $25.2 million for the acquisition of Liberty’s Ohio franchise which represents a 7.4 percent premium on the $340.8 million in Liberty deposits that it acquired. Liberty’s Tier 1 regulatory capital ratio increased to 12.7% as a result of this transaction. First Financial Bank retained most of the Liberty Savings Bank Financial Center employees.
Profile of Liberty Capital, Inc.
From its modest beginnings well over a century ago, Liberty Savings Bank has grown into a successful financial institution as a result of superior banking products and a commitment to quality customer service. Liberty Savings Bank is a full service community bank with Financial Centers located in CO, FL and SC. Assets total $953 million as of June 30, 2011. Liberty Savings Bank is an Equal Housing Lender and Member FDIC.[[In-content Ad]]