Westfield Bancorp, Inc. Announces Closing of Acquisition of Western
Reserve Bancorp, Inc.
MEDINA, OH -- (Marketwire) -- 11/30/12 -- Westfield Bancorp, Inc.,
Westfield Center, Ohio, announced today that it has closed its
acquisition of Western Reserve Bancorp, Inc. (PINKSHEETS: WRBO),
Medina, Ohio, as of the close of business on November 30, 2012. The
transaction was first announced on June 6, 2012.
Western Reserve Bancorp is the holding company for Western Reserve
Bank, which has merged into Westfield Bank, Westfield Bancorp's
wholly-owned subsidiary bank and an affiliate of Westfield Insurance.
Western Reserve Bank's two offices in Medina and Brecksville will
operate as branches of Westfield Bank.
"We are pleased to have completed the merger of two trusted community
banks serving Northeast Ohio, offering our customers the option to
continue banking with people who are local and
relationship-oriented," said Jon Park, Chairman and Bank Leader of
Westfield Bank. "We welcome all of Western Reserve's customers, who
will benefit from our full-service banking capabilities and
resources. We look forward to providing them with the same level of
personal, knowledgeable service that they have enjoyed for the last
fourteen years. We are also very excited to be establishing an
initial presence in Cuyahoga County."
Under the terms of the agreement, common shareholders of Western
Reserve Bancorp received $29.00 per share. The aggregate merger
consideration, including payment for stock options, was $18,040,000.
In connection with the merger, Westfield repaid $4,935,000 in
preferred stock held by the United States Department of the Treasury
as a result of Western Reserve Bancorp's participation in the Capital
As a result of the merger, Westfield Bank has total assets of $836
million and six banking offices. Westfield Insurance established
Westfield Bank in 2001. Westfield Insurance is a leading property and
casualty insurance company writing commercial insurance in 21 states,
personal insurance in 10 states and surety in 31 states. In business
since 1848 and headquartered in Westfield Center, Ohio, Westfield
Insurance is rated A (Excellent) by A.M. Best Company. Westfield Bank
maintains a Five-Star "Superior" rating from Bauer Financial for its
inancial strength and performance.
ParaCap Group, LLC acted as financial advisor to Westfield Bancorp
with Critchfield, Critchfield & Johnston, Ltd. as its counsel. Austin
Associates, LLC acted as financial advisor to Western Reserve Bancorp
and Shumaker Loop & Kendrick, LLP was counsel to Western Reserve
Bancorp in connection with the transaction.
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