DUBLIN, Ohio – Ohio Central Savings, one of the first credit unions to convert to a mutual savings bank, yesterday said it has agreed to be acquired by First Place Bank, a $1.7 billion S&L in nearby Warren, Ohio.
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Ohio Central, chartered in 1949 as Ohio Central FCU, converted to a mutual savings bank in 1998 and was one of the first credit union converts to sell stock to the public. The erstwhile credit union had $29 million in assets when it converted and has $65 million today.
Of the 33 credit unions that have converted to mutual savings banks, 14 have been merged or taken over.
First Place Bank is the nation’s 33rd-largest S&L and the second-largest publicly traded bank in Ohio.
