CIRCLEVILLE — Savings Bancorp, Inc., an Ohio Corporation headquartered in Circleville, Ohio, the holding company for The Savings Bank, announced the completion of its acquisition of Standing Stone Bank, an Ohio State-chartered commercial bank headquartered in Lancaster, Ohio.
After the closing, The Savings Bank has approximately $531 million in assets, $303 million in loans and $465 million in total deposits.
“I am pleased to announce that we have completed our acquisition of Standing Stone Bank, and I am excited to welcome all of our new customers and employees to The Savings Bank. The Savings Bank has been helping people in our communities realize their personal, financial and business goals since 1912,” said Jeff Farthing, president and chief executive officer of The Savings Bank.
“I am confident in our ability to deliver expanded and enhanced services to our new customers and to support their business and personal financial needs,” said Farthing.
The acquisition of Standing Stone Bank provides The Savings Bank with the opportunity to expand its footprint into the Lancaster market. The merger was consummated effective Nov. 12.
ProBank Austin, LLC, served as financial advisor and Shumaker, Loop and Kendrick, LLP served as legal counsel to Savings Bancorp, Inc. and The Savings Bank in the transaction. Gerrish Smith Tuck served as financial advisor and legal counsel to SSNB, Inc. and Standing Stone Bank.
The Savings Bank offers customers a full range of products including traditional, personal and commercial loan and deposit solutions. Additionally, The Savings Bank customers have the option of convenient online and mobile banking and mobile check deposit. Dedicated to providing exceptional customer service while enhancing shareholder value, The Savings Bank has been a trusted and respected community institution since 1912.
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.
With the acquisition of Standing Stone Bank, The Savings Bank now operates full-service offices in Circleville, Ashville, Williamsport, London and Lancaster, along with a loan production office in Worthington. More information can be found at www.thesavingsbankohio.bank.