CLEVELAND -- Society Corp. said it has completed the sale of 28 Ameritrust Co. branches in the Cleveland area to a nearby affiliate of Star Banc Corp. of Cincinnati.
The divested branches had about $1 billion in deposits. Star also picked up $105 million of branch-related loans.
The transaction was agreed to with the U.S. Department of Justice in March as a condition of Society's acquisition of Ameritrust Corp.
Society said it will realize a pretax gain of $12 million. The sale of another $250 million in loans or loan participations is being considered, and would result in a gain of more than $5 million.