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7/9/2014 7:21:00 AM Ottawa Savings Bank to acquire Twin Oaks
OTTAWA — Ottawa Savings Bancorp Inc., the holding company for Ottawa Savings Bank FSB, and Twin Oaks Savings Bank, announced an agreement in which Twin Oaks will merge with and into Ottawa Savings. The merger is expected to increase the company’s consolidated assets from approximately $168 million at March 31 to approximately $235 million. Deposits are expected to increase from $146 million to $202 million. Twin Oaks’ existing two offices will become branch offices of Ottawa Savings and will operate as a division of Ottawa Savings. Under the terms of the agreement, depositors of Twin Oaks will become depositors of Ottawa Savings and will have the same rights and privileges in Ottawa Savings Bancorp MHC, the mutual holding parent of the company, as if their accounts had been established in Ottawa Savings on the date established at Twin Oaks. In addition, borrower members of Twin Oaks as of the merger closing date will continue to have member rights with Ottawa Savings Bancorp MHC for as long as those loans remain outstanding. As part of the transaction, the company will issue additional shares of its common stock to Ottawa Savings Bancorp MHC in an amount equal to the fair value of Twin Oaks as determined by an independent appraiser. The merger is expected to be accretive to earnings after merger-related restructuring costs. “The merger is expected to be beneficial to our shareholders and the bank’s customers,” said Ottawa Savings president and chief executive officer Jon Kranov. “Home buyers and small businesses will be key beneficiaries of the merger,” Kranov said. “Both Ottawa Savings and Twin Oaks are primarily mortgage lending institutions, although Ottawa Savings also offers various small business banking services to its customers.” Kranov will continue as president and chief executive officer of the merged institution. Craig Hepner, president of Twin Oaks, will be executive vice president and chief operating officer of the merged institution. The merger was unanimously approved by each of the Ottawa Savings and Twin Oaks boards of directors and is expected to close in the fourth quarter of 2014.
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