SALINEVILLE, Ohio - Citizens Bancshares announced an agreement to acquire Western Reserve Bank of Ohio and said its earnings rose 22.2% in the second quarter.
Citizens, which has $728 million of assets, plans to acquire $64 million-asset Western in an all-stock deal valued at about $11.2 million. Subject to regulatory and shareholder approvals, the acquisition is slated to close this year.
Citizens also reported net income for the quarter ended June 30 of nearly $2.8 million, up from $2.3 million a year ago. Net income for the first six months rose 22.5%, to $5.4 million, from the 1994 first half.
Return on equity for the first six months was 18.51%; return on assets, 1.53%.