First Niles Completes $ 3.3 Million Acquisition of Union Capital Mortgage

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First Niles Financial Inc., the holding company of a local bank in Trumbull County. Home Federal Savings and Loan Association of Niles, announced that it has completed the acquisition Mortgage Union Capital effective Tuesday 3rd August.

Mixed cash and stock deal first announced on December 23rd., according to the company, is valued at $ 3.33 million.

Union Capital, founded in 1995 in Mentor, specializes in mortgages. The company has branches in Westlake and Hudson in addition to the Mentor headquarters. All three of these locations will remain in use.

The company also operates in Florida and Georgia. Since its inception, the company has provided at least $ 1 billion in loans.

The deal diversifies First Niles’ business as well as expands its presence in the desired Cleveland market with its Westlake location.

As of the end of the second quarter on June 30, First Niles reported total assets of approximately $ 112.9 million.

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