ASB receives approval to acquire Cottage Savings
PDT Staff Writer
In June, American Savings Bank (ASB) announced its intention to acquire Cincinnati-based Cottage Savings. ASB recently received regulatory approval for the acquisition. According to bank officials. the acquisition becomes effective at the end of business on Nov. 16. When the locations in Madeira and Montgomery, Oh open on Monday, Nov. 19, they will operate as branches of American Savings Bank.
“This is an opportunity for us to grow outside the Portsmouth market. We’re excited to go down to Cincinnati with a new market and a new opportunity to grow,” American Savings Bank President Mike Gampp said during the announcement of the acquisition. “They have a great staff and a great team of people, that will now join us.”
Gampp said all Cottage Savings employees will become American Savings Employees.
“There will be no loss in staff, there will be no jobs lost. Over the long-term, we are looking to grow, so if anything, we will be adding positions, not cutting them,” Gampp said.
In a released statement, Cottage Savings Bank Chair and President Barbara Farris said, “our board recognized American Savings Bank’s capital strength and array of banking services would result in a continuation of exemplary customer service our depositors and borrowers have come to expect, would provide additional banking services for such customers which are necessary in today’s competitive banking environment and will deliver an attractive price for our shareholders.”
Following the closing of the transaction, American Savings will have assets of about $265 million and deposits of about $220 million, with locations in Hamilton, Pike and Scioto counties in Ohio and Greenup County in Kentucky.
According to Gampp there is no intention of moving American Savings Bank’s corporate headquarters from Portsmouth, and with the acquisition, ASB will now have 64 employees.
Wayne Allen may be reached at 740-353-3101, ext. 208, or email@example.com.
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