NILES – First Niles Financial Inc. completed the final acquisition of shares in Mentor Union Capital Mortgage Corp.
The cash and stock deal is valued at approximately $ 3.3 million and makes Union Capital a 100% subsidiary of First Niles’ Home Federal Savings and Loan Association of Niles.
Union Capital will continue to operate its mortgage banking business from offices in Mentor, Westlake and Hudson.
“We are delighted to complete this transaction, which expands our presence in the Cleveland market and helps diversify our business model,” said Daniel E. Xontos, President and CEO of First Niles.
At the end of the second quarter of this year, First Niles had about $ 112.9 million in total assets, $ 67.9 million in total loans and $ 75.6 million in total deposits.