First Niles Completes $ 3.33 Million Union Capital Mortgage Deal – Business Journal Daily



NILS, Ohio – First Niles Financial Inc. completed the acquisition of Union Capital Mortgage Corp. for $ 3.33 million.

First Niles, parent company Home Federal Savings and Loan Association of Niles, completed cash and stock transactions on Tuesday.

Union Capital will continue to operate the mortgage banking business from its offices in Mentor, Westlake and Hudson.

“We are thrilled to complete this deal, which expands our presence in the Cleveland market and helps diversify our business model,” First Niles President and CEO Daniel E. Chontos said in a statement, “We value the hard work and dedication of our employees. Union Capital and First Niles upon completion of this transaction. ”

At the end of the second quarter, First Niles had approximately $ 112.9 million in total assets, $ 67.9 million in total loans and $ 75.6 million in total deposits.

Published by The Business Journal, Youngstown, OH.


Source link