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Valley Savings Bank in Cuyahoga Falls and Westfield Bancorp Inc. in Westfield Center announced Tuesday that they will merge.
Under the agreement, Valley Savings Bank will merge with Westfield Bank, a 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 Westfield.
Officials from both banks announced the details at a press conference at the Sheraton Suites on Tuesday.
"Our decision to enter into this merger agreement was influenced by the similarities between the two banks," said David Hunter, chairman of the board and chief executive officers of Valley Savings Bank. "Westfield Bank, like Valley Savings Bank, is a growing financial institution that places great value on its customers, its employees and the communities it serves. We are confident Westfield Bank is committed to the Valley Savings legacy and will create expanded personal and business banking opportunities for our customers."
When the pending merger is complete, the two Valley Savings Bank locations in Cuyahoga Falls -- 505 Graham Road and 140 Portage Trail -- 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.