Two Cincinnati-area thrift holding companies said last week that they would combine in a deal worth $48 million.

Fidelity Financial of Ohio Inc., Norwood, would exchange 1.5 shares of its common stock and cash for each share of Glenway Financial Corp. of Cincinnati.

Glenway, with $303 million of assets, is the parent company of Centennial Bank. The deal, termed a merger of equals by the participants, calls for $532 million-asset Fidelity Bank to merge its 12 branches into Centennial, and for the resulting thrift to keep the Centennial name.

John R. Reusing, Fidelity's president and chief executive officer, would be chairman of the new Fidelity board and president of the new Centennial Bank. His counterpart at Glenway, Robert R. Sudbrook, would be president of the holding company and chief executive officer of Centennial. Mr. Reusing said Mr. Sudbrook would be responsible for the day-to-day operations of the thrift.

The deal is expected to close during the first quarter.

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