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Banking industry

Provident Financial Group Completes Acquisition of OHSL Financial Corp.

Strategic Insights

— 1 min read

Provident Financial Group, a Cincinnati-based commercial banking and financial services company, has completed its acquisition of OHSL Financial Corp. and its subsidiary, Oak Hills Savings and Loan Company. The acquisition, which took effect on December 3, 1999, marks a significant expansion of Provident's assets and retail banking network in the greater Cincinnati area. As a result of the transaction, OHSL shareholders will receive approximately 1.4 million shares of Provident common stock. The acquisition is expected to increase Provident's assets by $288 million and enable the company to continue expanding its local retail banking operations.

Key Takeaways:

  • Provident Financial Group has completed its acquisition of OHSL Financial Corp. and its subsidiary, Oak Hills Savings and Loan Company, effective December 3, 1999.
  • The acquisition will increase Provident's assets by $288 million and enable the company to continue expanding its local retail banking network in the greater Cincinnati area.
  • OHSL shareholders will receive approximately 1.4 million shares of Provident common stock in exchange for their OHSL shares.
  • The transaction will allow Provident to introduce its products and services to OHSL's existing customers and provide new opportunities for the employees.
  • Robert L. Hoverson, president and CEO of Provident, welcomed OHSL customers, employees, and shareholders to the Provident family.

Statistics:

  • $288 million: the increase in Provident's assets resulting from the acquisition.
  • 1.4 million: the approximate number of shares of Provident common stock issued to OHSL shareholders.
  • $9.0 billion: the on-balance sheet assets of Provident Financial Group, Inc.
  • $14.3 billion: the managed assets of Provident Financial Group, Inc.
  • 0.5458: the ratio of Provident common stock issued to an OHSL common share.

Sources:

  • "Provident Completes Acquisition of OHSL Financial Corp." (PRNewswire, Dec. 6, 1999)
  • "About Provident Financial Group, Inc." (Provident Financial Group, Inc.)

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