CLEVELAND -- Shareholders of Charter One Financial Inc. and First American BanCorp approved their merger at separate shareholder meetings this week.
First American BanCorp, with $700 million in assets, is the parent of First American Savings Bank of Canton, Ohio. It is to merge into a newly formed corporation to be wholly owned by Charter One. The later's principal subsidiary is First Federal Savings Bank of Cleveland, the largest thrift in Ohio, with about $3.5 billion in assets.
The Office of Thrift Supervision has approve the merger, which is expected to be completed by mid-September.