CINCINNATI - Provident Bancorp said it has completed the acquisitions of four mutual savings and loan associations in Ohio and Kentucky with $353 million in total assets.
The acquisitions brought Provident, parent of the third-largest bank based in Cincinnati, to $3.7 billion in assets.
The newly acquired thrifts, being merged into Provident Bank of Cincinnati and Provident Bank of Kentucky, are: Merit Savings Association, Cincinnati, with $106 million in assets; Peoples Federal Savings and Loan Association of Bellevue, $64 million; Suburban Federal Savings and Loan Association of Covington, Ky., $51 million; and Thrift Savings and Loan Co., Cincinnati, $132 million.
Shareholders' Equity Up 37%
In connection with the acquisitions, Provident issued 1,822.6 shares of common stock and received aggregate gross proceeds of $51.7 million.
Of those shares, 780,236 were sold it $27.55 each in subscription offerings to certain depositors and other members of the mutuals. Another 1,042,398 were sold at $29 a share in a public offering.
The acquisitions and stock offerings increased Provident's shareholders' equity by 37%, or $76 million, to $283 million.
Allen L. Davis, president, said the company thus moved into the "well capitalized" category according to FDIC definitions. And its branch network grew to 66 locations, including six in Kentucky, from 53.
The savings institution purchases added four Kentucky counties to Provident's market area, Mr.Davis said. Of its 60 Ohio offices, 57 are in the Cincinnati and Dayton areas.