Ohio Legacy Corp Signs Agreement With Excel Financial LLC
16 Noviembre 2009 - 8:09AM
Business Wire
Bruce A. Cassidy, Sr., managing partner of Excel Financial LLC,
and Michael Kramer, President and CEO of Ohio Legacy Corp (NASDAQ:
OLCB) and Ohio Legacy Bank NA, announced today that their
respective organizations signed a stock purchase agreement on
November 15, 2009. The Agreement provides for a $15 million capital
investment by Excel in exchange for majority ownership of Ohio
Legacy Corp. The capital will be used to restore Ohio Legacy Bank’s
regulatory capital ratios to “well capitalized,” an important step
for the bank to comply with the Consent Order issued by the
Comptroller of the Currency in February of 2009.
Mr. Cassidy stated that “Excel’s group of local investors and
the seasoned banking professionals we have engaged have been
interested in establishing a community banking presence in
Northeastern Ohio for some time. We believe that our team, led by
Rick Hull, along with Denise Penz, who will be establishing and
leading a trust, investment, and private banking team, has the
experience and expertise, when supported by sufficient capital, to
help rebuild Ohio Legacy and create an excellent banking platform.
With an invigorated balance sheet, and our management team in
place, we look to position Legacy to take advantage of the
opportunities the current banking landscape presents.”
Mr. Kramer noted that, “this creates a true win-win: Ohio Legacy
Corp shareholders will be positioned to share in the future growth
and value of the recapitalized bank, and Ohio Legacy Bank’s clients
can maintain banking relationships with bankers they know and
trust, with a bank that remains committed to the same community
values they’ve grown to appreciate.”
The Stock Purchase Agreement is subject to approval by Ohio
Legacy Corp shareholders, as well as applicable regulatory
agencies. The parties intend to have necessary approvals in order
to consummate the transaction near year end 2009. Under terms of
the agreement, Mr. Hull will become President and CEO of Ohio
Legacy Corp and Ohio Legacy Bank.
Ohio Legacy is being advised in the transaction by Stifel,
Nicolaus, & Company and Critchfield, Critchfield &
Johnston, Ltd.
Excel Financial, LLC, is represented in the transaction by
Vorys, Sater, Seymour and Pease LLP.
ABOUT OHIO LEGACY CORP
Ohio Legacy Corp is a bank holding company headquartered in
Wooster, Ohio. Its subsidiary, Ohio Legacy Bank, NA, provides
financial services to small businesses and consumers though four
full-service banking locations in Canton and Wooster, Ohio.
FORWARD-LOOKING STATEMENTS DISCLOSURE
This release contains certain forward-looking statements related
to the future performance and financial condition of Ohio Legacy
Corp. These statements, which are subject to numerous risks and
uncertainties, are presented in good faith based on the Company's
current condition and management's understanding, expectations, and
assumptions regarding its future prospects as of the date of this
release. Actual results could differ materially from those
projected or implied by the statements contained herein. The
factors that could affect the Company's future results are set
forth in the periodic reports and registration statements filed by
the Company with the Securities and Exchange Commission.
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