Century Bank in Parma, Ohio, has agreed to acquire Liberty Bank in Beachwood for $35.9 million in cash and stock and intends to go public to fund the deal.
The deal, announced Nov. 27, and Century's conversion from a mutual to a stock-owned thrift are expected to be completed in the second quarter.
The number and price of shares to be sold would be based on an independent appraisal that has yet to be performed.
William A. Valerian, the chairman, president, and chief executive of the $228 million-asset Liberty, would be the chairman and CEO of the surviving holding company, Century Commercial Bancorp. Volodomyr Bazarko, Century Bank's chairman, would be the vice chairman. Jeffrey Calabrese, president and CEO of the $146 million-asset Century, would be the bank's president and chief operating officer.
Mr. Valerian said the chance to offer larger loans to Liberty's customers was a key in his company's decision to make the deal with Century.
"Our customers are growing, and we have to grow with them or lose them to someone larger," he said in a Nov. 28 interview.
