NEWS (June 15, 2021)
Savings Bancorp, Inc. to Acquire SSNB, Inc.
Circleville, Ohio - June 15, 2021 -- The boards of directors of Savings Bancorp, Inc., the holding company for Circleville-based The Savings Bank, and SSNB, Inc., the holding company for Lancaster-based Standing Stone Bank, today announced the execution of a definitive agreement by which Savings Bancorp, Inc. (“Savings”) will acquire SSNB, Inc. (“SSNB”) for $17.5 million in cash consideration, subject to closing price adjustments.
As of March 31, 2021, SSNB reported $111 million in assets, $75 million in loans and $100 million in deposits. As of the same date, Savings reported $417 million in assets, $220 million in loans and $357 million in deposits. SSNB’s two branch offices in Lancaster will become branches of The Savings Bank following closing of the transaction.
Jeff Farthing, President & CEO of Savings stated, “On behalf of The Savings Bank Board of Directors and employees, we are very excited for the opportunity to come to Lancaster and Fairfield County. We recognize that since 1989 Standing Stone Bank has been a very valuable institution as a community bank in Fairfield County. The Savings Bank looks forward to serving the existing customers, new customers, and community going forward.”
Jeff Beard, President & CEO of Standing Stone Bank stated, “The Directors of Standing Stone Bank look forward to partnering with The Savings Bank, a financial institution Standing Stone Bank has respected for a number of years. The Board has great confidence in The Savings Bank as an acquiror and in its ability to treat the customers, employees and community with the highest level of respect and care following completion of this strategic transaction.”
The transaction is contingent on approval by the shareholders of SSNB and the appropriate regulatory agencies. It is anticipated that closing of the transaction will occur during the fourth quarter of 2021.
Savings is being advised by the investment banking firm ProBank Austin and the law firm Shumaker, Loop & Kendrick, LLP. SSNB’s financial advisor is Gerrish Smith Tuck Consultants, LLC and SSNB’s legal advisor is Gerrish Smith Tuck, PC.
About Savings Bancorp, Inc. and The Savings Bank
Savings Bancorp, Inc. is the holding company for The Savings Bank. The Savings Bank, founded in 1912, is a full-service, commercial and retail and bank headquartered in Circleville, Ohio. The Savings Bank currently operates full-service offices in Circleville, Ashville, Williamsport and London, along with a loan production office in Worthington. More information can be found at www.thesavingsbankohio.bank.
About SSNB, Inc. and Standing Stone Bank
SSNB, Inc. is the holding company for Standing Stone Bank. Standing Stone Bank, founded in 1989, is a full-service, commercial and retail and bank headquartered in Lancaster, Ohio. Standing Stone Bank currently operates two full-service offices in Lancaster. More information can be found at www.standingstonebank.com.
Jeff Farthing Jeff Beard
President & CEO President & CEO
The Savings Bank Standing Stone Bank