| The Repository
MINERVA Consumers National Bank has expanded its footprint in Columbiana County.
Consumers Bancorp announced it has struck a deal to buy two branches of CFBank. Consumers signed a purchase agreement to acquire the CFBank drive-up branch in Wellsville and a branch in Calcutta.
The deal has Consumers adding approximately $100 million in deposits, and certain loans and other interest earning assets, along with land, buildings and other assets of the two branches.
The two banks expect the deal to close by the end of June, following reviews by regulatory agencies.
Once completed, Consumers will hold roughly a 12.5% share of the deposit market in Columbiana County, Ralph J. Lober II, president and chief executive officer, said in the press release announcing the deal. Adding the branches strengthens Consumers’ competitive position in Columbiana County, while complementing the bank’s four locations in Jefferson County.
Lober said the offices in Wellsville and Calcutta will house commercial and mortgage lenders to provide a full range of services for business banking and consumers.
“We are excited that the current retail employees in Wellsville and Calcutta will help us serve the region’s consumer, small business, and agricultural communities. They, and their predecessors, have served the community since 1892. We look forward to them joining our team as we continue the community bank tradition in the region,” Lober said.
Consumers has been expanding over the past two years. In 2019, the bank extended east when it struck a deal to merge with Peoples National Bank. That move expanded Consumers’ operations in Jefferson County and gave it offices in Harrison and Belmont counties.
In Stark County, Consumers opened a new office in Brewster in 2019. Late last year Consumers announced it would build a new office in Salem, replacing it existing branch there.
The two Columbiana County branches were separate from CFBank’s four other locations in Fairlawn, Cleveland, Columbus and Cincinnati. The bank provides personalized business banking products and services and has a residential lending platform.
CFBank traces its origins to Columbiana County in 1892. Tom O’Dell, president and CEO said, selling the offices allows CFBank to focus its business on four metropolitan areas.
IRG expands holdings in HOF Resort stock
Industrial Realty Group and Stuart Lichter added more shares of Hall of Fame Resort & Entertainment Co. stock in a $15.2 million transaction last week.
Filings with the U.S. Securities and Exchange Commission show that IRG and Lichter, who is on the company’s board, added more than 10.8 million shares of the resort company’s stock and just over 10 million warrants for future share purchases.
The $15.2 million covers the cost of the shares, priced at $1.40 each, and warrants. According to the filing, “the purchase price was paid in the form of the cancellation in full of certain financial obligations owed by the company and its affiliates to IRG and its affiliates in the amount of the purchase price.”
Hall of Fame Resort & Entertainment is the company formed last year to develop the Hall of Fame Village powered by Johnson Controls.
The village is being built adjacent to the Pro Football Hall of Fame. The project will include a new hotel, water park and retail shopping area, along with the Constellation Center for Excellence and the Center for Performance.
Work is underway and plans call for completing this phase of the project, valued at $300 million, by the end of 2023.
Professional painting company opens
Fresh Coat Painters of Canton, operated by Dale Hlad, has begun serving the region surrounding Canton, Massillon, Green and Hartville.
The business offers residential and commercial painting services, along with sealing and staining, drywall repair, pressure washing, and removal of popcorn ceiling and wallpaper. Fresh Coat Painters services include online scheduling and free detailed quotes. The company uses Sherwin Williams products.
For more information, call (330) 510-2417, email [email protected] or visit www.FreshCoatPainters.com.
Car sales down in 2020
New vehicle dealers in Northeast Ohio saw overall sales fall 5.3% during 2020, according to the Greater Cleveland Automobile Dealers Association.
Dealers in the association’s 21 county area, which includes Stark and Tuscarawas counties, sold 236,832 new vehicles during the year, compared with 250,081 in 2019. Local dealers did see increased demand for trucks and luxury vehicles during the year.
The year ended on a high note with 20,457 vehicles sold in December, up 1.7% from the 20.,116 sold the previous year, the association reported.
Reach Edd at 330-580-8484 or [email protected]
On Twitter: @edpritchardREP