Westfield Bancorp has acquired the Valley Savings Bank as part of a merger agreement.
Once the merger is complete, the two Valley Savings Bank branches in Cuyahoga Falls will operate under the Westfield Bank name, bringing the total number of Westfield Bank locations to eight, company officials said.
Westfield Bank has branches in Westfield Center and Medina in Medina County; Fairlawn/West Akron in Summit County; Brecksville in Cuyahoga County; Canton in Stark County; and Wooster in Wayne County.
It’s Westfield Bancorp’s second acquisition in less than four months. In November, Westfield Bank completed the purchase of Western Reserve Bank, of Medina, for $18 million.
The terms of the acquisition, which was reported to be a cash deal, were not released.
Company officials said the merger, which is subject to federal regulatory approval, is expected to close in September.
In announcing the agreement Tuesday, Westfield Bank Chairman and Bank Leader Jon Park said the transaction will bring together two financially strong, growth-oriented community banks, which brings Westfield close to $1 billion in consolidated assets.
Westfield is the larger institution with reported assets of about $830 million, as of December, according to the Federal Deposit Insurance Corp. Valley Savings reported total assets of about $127 million.
“It is a pleasure and an honor to announce an agreement that will bring together two financial institutions that share a commitment to community banking,” Park said. “Combining our people and resources enhances our ability to provide a unique level of customer communication, personalized service and relationship-driven banking services to more individuals and businesses.
“Our strong capital position allows us to give our professional staff the tools needed to be a full-service banking partner to our customers.”
David Hunter, who is Valley Savings Bank’s CEO and chairman of the board, agreed the decision to join Westfield “was influenced by the similarities between the two banks.”
Valley Savings Bank was founded in 1923 and is locally owned and operated, with headquarters in Cuyahoga Falls.
Westfield Bank was established in 2001 as a wholly-owned subsidiary of Westfield Bancorp, which is an affiliate of Westfield Insurance, one of the nation’s 50 largest property and casualty insurance groups.
Westfield Insurance, founded in 1848 and headquartered in the Village of Westfield Center, provides commercial and personal insurance in 21 states and surety services to customers in 31 states.
“Westfield Bank, like Valley Savings Bank, is a growing financial institution that places great value on its customers, its employees and the communities it serves,” Hunter said. “We are confident Westfield Bank is committed to the Valley Savings legacy and will create expanded personal and business banking opportunities for our customers.”
Company officials said both banks have received five-star superior ratings from the bank rating firm of BauerFinancial Inc.
Contact David Knox at (330) 721-4065 or firstname.lastname@example.org.