SOURCE: First Federal of Lakewood

September 07, 2010 12:15 ET

First Federal of Lakewood Announces Agreement to Acquire Century Bank

LAKEWOOD, OH--(Marketwire - September 7, 2010) -  First Federal of Lakewood announced today the signing of a definitive agreement to acquire Century Bank, headquartered in Parma, Ohio. Under the terms of the agreement Century Bank will be merged into First Federal of Lakewood. The transaction, which is anticipated to close in December 2010, is subject to regulatory approval and other customary conditions and requirements.

The combined community bank will have total assets of $1.3 billion with 18 full-service branch locations in Cuyahoga, Lake, Lorain and Medina Counties, five First Federal Lending offices in Ohio and more than 275 employees. First Federal of Lakewood directors will retain all Board seats and First Federal of Lakewood will retain all senior management positions.

"Despite this challenging economic environment, First Federal of Lakewood has remained financially strong and continues to grow, including: 10 consecutive profitable quarters, 30 new employees in 2010, record loan production and ongoing expansion," said Gary R. Fix, president and CEO of First Federal of Lakewood. "This acquisition will be immediately accretive to our earnings in 2011 and will keep our tangible net worth to assets ratio above 10 percent, making us a well capitalized company by regulatory definition."

"We have remained committed to our customers, employees and communities for more than 75 years, and look forward to welcoming Century Bank's customers and employees into the First Federal of Lakewood family," added Mr. Fix.

Century Bank has total assets of $135 million, and five locations including its main office in Parma, and branch offices in Garfield Heights, North Royalton, Brunswick and Concord. The merger includes plans for the retention of all branch locations and Century Bank's 35 employees. As a result of the merger, Century Bank customers will become depositors and borrowers of First Federal of Lakewood.

"We are extremely pleased for both our employees and our customers to be joining with First Federal of Lakewood," said Jeffrey J. Calabrese, president and CEO of Century Bank. "As mutual community banks, we share a commitment to customers and the communities we serve, which will only be strengthened through the merger."

About First Federal of Lakewood
First Federal of Lakewood offers a full array of retail and business products through 13 full-service branch locations in Northeast Ohio and five First Federal Lending offices throughout Ohio, with total assets exceeding $1.2 billion. Founded in 1935, First Federal of Lakewood is a community bank with a deep-rooted tradition of financial strength, stability and integrity. Visit www.FFL.net for additional information.

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