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Article: Oak Hill Financial, Inc. and Unity Savings Bank Sign Definitive Agreement
- Article from:
- PR Newswire
- Article date:
- April 29, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. 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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JACKSON and McARTHUR, Ohio, April 29 /PRNewswire/ -- Oak Hill Financial, Inc., (Nasdaq: OAKF) and Unity Savings Bank ("Unity") jointly announced today the signing of a definitive agreement for the acquisition of Unity by Oak Hill.
Under the terms of the agreement, Oak Hill will exchange 8.5 shares (the "Exchange Ratio") of its common stock for each of the 93,250 shares of Unity stock. Based on the average of Oak Hill's closing bid and asked price of $14.75 on April 28, 1997, the transaction would be valued at $125.38 per share of Unity stock, or approximately $11.7 million. The merger, which will be accounted for as a pooling of interests, is expected to be ...