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OLCB > SEC Filings for OLCB > Form 8-K on 19-Oct-2011All Recent SEC Filings

Show all filings for OHIO LEGACY CORP

Form 8-K for OHIO LEGACY CORP


19-Oct-2011

Completion of Acquisition or Disposition of Assets


ITEM 2.01 Completion of Acquisition or Disposition of Assets.

On October 14, 2011, Premier Bank & Trust, National Association ("Premier"), a wholly-owned subsidiary of Ohio Legacy Corp. ("Ohio Legacy"), completed the sale of certain assets and the transfer of certain liabilities relative to two Premier branches located in Wooster, Ohio to The Commercial and Savings Bank of Millersburg, Ohio ("CSB"), a wholly owned subsidiary of CSB Bancorp, Inc., in accordance with an Office Purchase and Assumption Agreement (the "Agreement"), entered into in June 2011. Under the terms of the Agreement, Premier sold to CSB branch deposit liabilities totaling $74.3 million which were funded with the sale of assets including $9.1 million in loans, $41.5 million in cash, $19 million in debt from the Federal Home Loan Bank, and $1.0 million in real estate and fixed assets. The gain recognized on the transaction was approximately $3.7 million based on a 5% deposit premium and the assignment of a lease for one of the branch offices.


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