A thrift holding company plans to consolidate its three savings banks and operate them under a single name.
Western Ohio Financial Corp., with $396 million of assets, wants to combine Springfield Federal Savings Bank, Mayflower Savings Bank, and Seven Hills Savings Association as Cornerstone Bank.
The three would convert to a common accounting and computer system. The consolidation would streamline operations and cut costs, said John W. Raisbeck, Western Ohio's president and chief executive. "There will be no changes in faces or the way we touch people," he said.
Mr. Raisbeck said the consolidation and name change are part of a new focus on retail services. Cornerstone customers were introduced to the consolidation concept last week through a brochure offering new products, such as a debit card.