Emerald Financial Corp. said it is in merger talks with an unnamed suitor.
The $669 million-asset thrift holding company said Wednesday that certain structural, legal, and business issues still need to be worked out. Emerald said that it would not comment further until the parties reach a definitive agreement or call off negotiations.
Emerald's stock price had been on the rise of late. Shares closed at $16 on Tuesday, up 31% since Feb. 16. News of the merger talks pushed Emerald's shares down 37.5 cents Wednesday, but the stock recovered to $16 by midday Thursday.
Emerald is the holding company for Strongsville Savings Bank, which has branches in three suburban Cleveland counties-Cuyahoga, Lorain, and Medina.