Oak Hill Financial, Inc. Completes Lawrence Financial Merger
07 Aprile 2005 - 11:39PM
PR Newswire (US)
Oak Hill Financial, Inc. Completes Lawrence Financial Merger
JACKSON, Ohio, April 7 /PRNewswire-FirstCall/ -- The merger of
Lawrence Financial Holdings, Inc. (OTC:LWFH) with and into Oak Hill
Financial, Inc. (NASDAQ:OAKF) was completed on April 1, 2005. The
transaction was valued at $15.2 million, of which $7.7 million was
paid in cash. In addition, Oak Hill Financial issued 221,501 shares
of common stock to Lawrence Financial shareholders. Oak Hill
Financial is a financial holding company headquartered in Jackson,
Ohio. Prior to the merger, its banking affiliate, Oak Hill Banks,
operated 30 full-service branches and four loan production offices
in 15 counties in southern and central Ohio. The company also owns
Oak Hill Financial Insurance Agency, which specializes in employee
benefits, and 49% of Oak Hill Title Agency LLC. Lawrence Financial
was a savings and loan holding company headquartered in Ironton,
Ohio. Its subsidiary, Lawrence Federal Savings Bank, operated five
banking offices in Lawrence and Scioto counties in Ohio. The
Lawrence transaction brought $116.9 million in assets, $76.5
million in net loans, $104.2 million in deposits, and $9.5 million
in equity to Oak Hill Financial. On April 30, 2005, the company
plans to consolidate overlapping offices in two communities that
were served by both Oak Hill and Lawrence Financial, which will
leave Oak Hill with 33 full-service banking facilities. Including
the shares issued in conjunction with the Lawrence Financial
transaction, Oak Hill has approximately 5.8 million common shares
outstanding. Oak Hill Financial plans to release it first quarter
2005 results after the market close on Thursday, April 14, 2005.
DATASOURCE: Oak Hill Financial, Inc. CONTACT: David G. Ratz,
Executive Vice President of Oak Hill Financial, Inc.,
+1-740-286-3283
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