Cheviot Financial Corp. in Cincinnati said Wednesday that it has agreed to buy First Franklin Corp., also of Cincinnati, for about $24.4 million.
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The deal will double the size of Cheviot, which is the parent company of the $342 million-asset Cheviot Savings Bank.
First Franklin's longtime chairman and chief executive, Thomas Siemens, retired at the end of March.
Under the agreement, Cheviot would buy First Franklin shares for $14.50 apiece, an 85% premium to Tuesday's closing price. The stock price last stood at the offer price three years ago.
Cheviot President and Chief Executive Thomas J. Linneman said the acquisition is expected to boost his company's earnings and raise its capital levels.
The deal is expected to close next quarter.
