Home Savings, Premier Bank explain deposit plan

Staff report

YOUNGSTOWN

Individuals with deposits at both Home Savings Bank and Premier Bank and Trust will have their deposits insured separately for the duration of a post-merger six-month grace period, according to a news release issued by Home Savings and Loan.

Home Savings’ parent company, United Community Financial Corp., acquired Ohio Legacy Corp – Premier Bank’s parent company – on Jan. 31. Negotiations for the merger began last September.

Standard FDIC insurance covers deposits up to $250,000 per customer, per insured bank for each type of ownership account.

Various ownership accounts include individual retirement accounts, checking accounts and business, government or organizational accounts.

When banks merge, the FDIC insures deposits from each bank separately during a six-month grace period. Once the six months has passed, the deposits are treated as though they’re coming from a singular bank.

The merger was valued at $40.3 million, boosting the number of Home Savings locations to 35.

Home Savings added $900,000 in value between 2016 and 2017, leaping from a value of $1.6 billion to $2.5 billion. This was the first merger for the company since 2002.