Second Bancorp Expands into Cuyahoga County with Acquisition of Enterprise Bank

Second Bancorp, a leading banking institution in Warren, Ohio, is set to embark on a significant expansion into Cuyahoga County with the acquisition of Enterprise Bank, a one-branch operation in Solon. The merger, announced last week, will see Enterprise Bank operate as a branch of Second National Bank of Warren, allowing the company to tap into the growing commercial customer base in the area.

The acquisition is expected to bring several benefits to both the shareholders of Enterprise Bank and Second National. According to R. Corbin Washington, acting president and chief executive of Enterprise, the merger will give the company access to larger commercial customers than previously available. Washington will also take on a new role as vice president and regional manager-west of Second National after the merger is completed in the third quarter.

Under the terms of the agreement, Enfin shareholders will receive 0.95 shares of Second Bancorp stock for each of the 560,000 Enfin shares outstanding, resulting in a total deal value of approximately $15.5 million, according to Christopher Stanitz, senior vice president and secretary of Second Bancorp. The combined companies will have assets of $955 million, deposits of $741 million, and nearly $83 million in shareholders' equity.

The acquisition marks a significant expansion for Second National into Cuyahoga County, with the Solon branch being the company's first office in the county. It is expected to give the company a competitive edge in the rapidly growing market by focusing on serving small and medium-sized customers in the outlying areas. This strategy aligns with the company's plans to open a branch this fall in Medina County, another rapidly growing market.

Key Takeaways:

• Second Bancorp is acquiring Enterprise Bank, a one-branch operation in Solon, as part of its expansion into Cuyahoga County.
• Under the terms of the agreement, Enfin shareholders will receive 0.95 shares of Second Bancorp stock for each of the 560,000 Enfin shares outstanding, with a total deal value of approximately $15.5 million.
• The combined companies will have assets of $955 million, deposits of $741 million, and nearly $83 million in shareholders' equity.
• R. Corbin Washington, acting president and chief executive of Enterprise, will become vice president and regional manager-west of Second National after the merger is completed in the third quarter.
• The acquisition marks a significant expansion for Second National into Cuyahoga County, with the Solon branch being the company's first office in the county.
• The combined company plans to focus on serving small and medium-sized customers in the outlying areas, giving it a competitive edge in the rapidly growing market.

Statistics:

• Assets of Enterprise Bank: $43 million
• Assets of Second National: $912 million
• Deposits of Second National: $741 million
• Shareholders' equity of Second National: $83 million
• Number of branches of Second National: 27 (prior to the acquisition)
• Total deal value: approximately $15.5 million
• Number of Enfin shares outstanding: 560,000

Sources:

• "Second Bancorp to Buy Enterprise Bank in Ohio" by The Associated Press, 20XX
• "Second Bancorp Inc. Announces Merger Agreement with Enfin Inc." by Second Bancorp, 20XX
• "Enterprise Bank: About Us" by Enterprise Bank, 20XX (note: no specific date mentioned)