Provident's Takeover Of Hunter Approved

WASHINGTON - The Federal Reserve Board has approved the acquisition of Hunter Savings Association by Provident Bancorp Inc., both of Cincinnati.

Provident said the Fed's was the last required regulatory approval. The banking company said it will proceed with the merger by yearend.

Hunter, a subsidiary of American Financial Corp., has deposits of $928.9 million. Provident Bank has $1.7 billion. The combination will increase Provident Bancorp's total assets by $1 billion, to $3.5 billion.

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