Brief: First Defiance And United Community Announce Strategic Merger

Premier Financial (OHIO)

09/09/2019 12:57

Sept 9 (Reuters) - First Defiance Financial Corp  FDEF.O :
    * FIRST DEFIANCE FINANCIAL CORP. AND UNITED COMMUNITY
FINANCIAL
CORP. ANNOUNCE STRATEGIC MERGER
    * FIRST DEFIANCE FINANCIAL CORP - TRANSACTION IS VALUED AT
APPROXIMATELY $473 MILLION
    * FIRST DEFIANCE FINANCIAL - SHAREHOLDERS OF UNITED
COMMUNITY WILL
RECEIVE 0.3715 SHARES OF CO STOCK FOR EACH SHARE OF UNITED
COMMUNITY COMMON STOCK
    * FIRST DEFIANCE FINANCIAL - FIRST DEFIANCE SHAREHOLDERS
WILL OWN
ABOUT 52.5% OF COMBINED CO & UNITED COMMUNITY SHAREHOLDERS WILL
OWN ABOUT 47.5%
    * FIRST DEFIANCE FINANCIAL CORP - EXPECTS TRANSACTION TO
DELIVER
RUN-RATE EARNINGS PER SHARE ACCRETION OF APPROXIMATELY 14%
    * FIRST DEFIANCE FINANCIAL - EXPECTS TRANSACTION TO DELIVER
RUN-RATE EPS ACCRETION OF APPROXIMATELY 14%, WITH COST SAVINGS
ON A FULLY-PHASED IN BASIS
    * FIRST DEFIANCE FINANCIAL CORP -  ONCE MERGER IS COMPLETE,
DONALD
HILEMAN WILL SERVE AS CHIEF EXECUTIVE OFFICER OF HOLDING COMPANY
AND THE BANK
    * FIRST DEFIANCE FINANCIAL - HILEMAN WILL SERVE AS CEO OF
HOLDING
CO AND THE BANK BEFORE TRANSITIONING TO AN EXECUTIVE CHAIRMAN
ROLE IN EARLY 2021
    * FIRST DEFIANCE FINANCIAL CORP - GARY M. SMALL WILL ASSUME
ROLE
OF PRESIDENT OF HOLDING COMPANY AND BANK
    * FIRST DEFIANCE FINANCIAL - SMALL WILL ASSUME PRESIDENT
ROLE OF
HOLDING CO AND BANK BEFORE TRANSITIONING TO CEO WHEN HILEMAN
BECOMES EXECUTIVE CHAIRMAN
    * FIRST DEFIANCE FINANCIAL - BOARD OF COMBINED CO WILL BE
COMPRISED OF 7 MEMBERS DESIGNATED BY FIRST DEFIANCE, 6 MEMBERS
DESIGNATED BY UNITED COMMUNITY

Source text for Eikon:  ID:nBwbXVC6ra 
Further company coverage:  FDEF.O 

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