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Valley Savings Bank in Cuyahoga Falls and Westfield Bancorp Inc. in Westfield Center announced this afternoon that they will merge.
Under the agreement, Valley Savings Bank will merge with and into Westfield Bank, a wholly-owned subsidiary of Westfield Bancorp and affiliate of Westfield Insurance. The transaction will bring together two community banks with combined total assets of more than $1 billion, according to a news release issued by Westfield.
Officials from both banks announced the details at a press conference at the Sheraton Suites Tuesday afternoon.
When the pending merger is complete, the two Valley Savings Bank locations in Cuyahoga Falls will operate under the Westfield Bank name, bringing the number to eight of Westfield Bank locations in Northeastern Ohio. Westfield Bank already has locations in Westfield Center, Medina, Fairlawn/West Akron, Brecksville, Canton and Wooster.
Both Westfield Bank and Valley Savings Bank have earned Five-Star Superior ratings from BauerFinancial, Inc., the nation’s leading bank rating firm, the news release stated.
The transaction between the entities is expected to close in September. Closing is subject to a number of typical conditions including regulatory approval.