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Article: Ohio's FirstFederal Financial Services Corp. to Buy Summit Bancorp.(Originated from Akron Beacon Journal, Ohio)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 2, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AKRON, Ohio--Jan. 2--FirstFederal Financial Services Corp. in Wooster, Ohio, has agreed to buy Fairlawn's Summit Bancorp in a stock swap worth $17.3 million.
The acquisition will give the growing and diversifying FirstFederal its first major presence in commercial banking, as well as a foothold in Summit County, Ohio. It will give the much smaller Summit Bancorp the ability to make larger commercial loans because of FirstFederal's size.
Subject to shareholder and regulator approval, the acquisition is expected to close by July. No employment changes are expected at Summit Bancorp or its operating unit, Summit Bank, which will keep their names ...