First Place Financial Corp. in Warren, Ohio, plans to acquire OC Financial Inc. in Dublin for $7.2 million in stock.
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The $3.3 billion-asset First Place, which has 31 branches in northeast Ohio, said buying OC would give it two branches and a stable source of deposits in the Columbus area, where it has no branches but has been ramping up its mortgage and commercial lending.
"OC Financial's presence provides us with a retail deposit hub to support and expand our lending operations and to lead our efforts to expand our retail franchise into very attractive markets," Steven R. Lewis, First Place's president and chief executive, said in a press release.
The deal for OC is expected to close late this quarter.
