WINCHESTER, Ohio, August 8, 2016 – First State Bancorp, Inc., an Ohio Corporation headquartered in Winchester, Ohio, the holding company for First State Bank, announced today the completion of the merger with First Safety Bank, an Ohio State-chartered commercial bank headquartered in St. Bernard, Ohio. The First Safety Bank location at 455 Home Street in Georgetown is now closed and customers can visit the First State Bank location at 4928 State Route 125 in Georgetown. The First Safety Bank location in St. Bernard is now a First State Bank Banking Center.
First State Bank had approximately $390.2 million in assets, $239.4 million in loans, and $345.6 million in total deposits at June 30, 2016. First Safety Bank had approximately $47.9 million in assets, $29.3 million in loans, and $37.3 million in total deposits at June 30, 2016.
"I am pleased to announce that we have completed the merger with First Safety Bank, and I am excited to welcome all of our new customers and employees to First State Bank. First State Bank has been helping people in our communities realize their personal, financial and business goals since 1884," said Mike Pell, President and Chief Executive Officer of First State Bank. "I am confident that our ability to deliver expanded services to our new customers with an enhanced capacity to support business and personal financial needs will exceed expectations," said Pell.
"As an independent community bank since 1881, we are excited about the opportunity to merge with First State Bank, a trusted and respected community institution dating back to the same time period," said William D. McKenney, Co-Chief Executive Officer of First Safety Bank. Robert W. Sawtell, Co-Chief Executive Officer concurred, "This merger will be great for our customers as they will now have access to additional products and services but will continue to enjoy the exceptional customer service that is central to community banking."
Both McKenney and Sawtell will serve as Business Development Officers at First State Bank and virtually all of the First Safety Bank employees will be joining the First State Bank team. The merger with First Safety Bank provides First State Bank with the opportunity to expand its footprint into the St. Bernard market. The conversion process of transferring First Safety Bank accounts to First State Bank was completed over the weekend of August 6 and 7, 2016.
Performance Trust Capital Partners, LLC, served as financial advisor and Shumaker, Loop & Kendrick, LLP served as legal counsel to First State Bancorp, Inc. in the transaction. Austin Associates, LLC served as financial advisor and Dinsmore & Shohl LLP served as legal counsel to First Safety Bank.
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 convenient online and mobile banking. FSB Mobile App users also now have the option of mobile check deposit, so checks can be deposited anywhere, anytime.
Dedicated to providing exceptional customer service and high value products while enhancing shareholder value, First State Bank has been a trusted and respected community institution since 1884. With a loan production office in Clinton County and banking center locations in Adams, Brown, Highland, Fayette and now Hamilton Counties, all banking center operations and management are locally controlled. To learn more about First State Bank please visit www.fsb4me.com.