Investment Banking - Valley Savings Bank

Transactions | Banking

Client: Valley Savings Bank
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • Valley Savings Bank was a two-branch, $127 million state-chartered savings bank headquartered in Cuyahoga Falls, Ohio, a suburb of Akron.
  • At December 31, 2013, Valley Savings had assets of $127.2 million, loans of $117.2 million, deposits of $104.1 million, shareholders’ equity of $12.2 million, return on equity of 7.36%, net interest margin of 4.53% and a nonperforming assets to assets ratio of 0.96%.  Over the last six years, Valley Savings’ net charge-offs have averaged only six basis points annually.
  • Westfield Bank, FSB is an $830 million federally-chartered savings bank located in Westfield Center, Ohio. Westfield is a wholly-owned subsidiary of Ohio Farmers Insurance Company, the parent company of the Westfield Insurance corporate family of companies founded in 1848.
  • As a result of the transaction, Westfield strengthened its position in the Akron MSA and brought its pro forma assets to nearly $1 billion across nine total branches.
  • The transaction closed on September 12, 2014.
  • Terms of the transaction were not disclosed.
  • Boenning served as financial advisor and issued a fairness opinion to Valley Savings Bank.