First State Bancorp, Inc., an Ohio corporation headquartered in Winchester, and its wholly-owned subsidiary, First State Bank, an Ohio state-chartered commercial bank, ahve announced that First State Bank has agreed to acquire First Safety Bank, an Ohio state-chartered commercial bank headquartered in St. Bernard, Ohio.
First Safety Bank had approximately $49 million in assets at December 31, 2015 and has two branches – one in St. Bernard and one in Georgetown. Upon completion of the transaction, the combined institution will have approximately $409 million in assets, $255 million in loans and $367 million in deposits. The Plan of Reorganization and Merger has been approved by the board of directors of each institution and the acquisition is expected to close by the third quarter of 2016 subject to customary conditions, including regulatory approval and approval by the shareholders of First Safety Bank.
“We are excited about the acquisition of First Safety Bank, which allows us to increase our presence in the Georgetown market while expanding into the St. Bernard market,” Mike Pell, president and CEO of First State Bank, said. “This acquisition is a great fit and will allow us to continue offering outstanding service to our combined customers as a community-based bank in Southwest Ohio.”
First State Bank offers customers a full range of products including traditional, personal, commercial and agricultural loan and deposit solutions. Additionally, First State Bank customers have the option of online and mobile banking. FSB Mobile App users also now have the option of mobile check deposit, so checks can be deposited anywhere, anytime.
First State Bank has been an institution since 1884. With banking center locations in Adams, Brown, Highland and Fayette counties and a loan production office in Clinton County, all banking center operations and management are locally controlled. To learn more about First State Bank, visit www.fsb4me.com.
Submitted by Ellie Zint, First State Bank.