DAYTON, Ohio -- National City Corp. of Cleveland Wednesday finalized its acquisition of Gem Savings Association, Ohio's seventh-largest thrift.
National City announced plans to acquire the Dayton savings and loan last June.
Ronald Dickerson, Gem Savings chairman, and David Daberko, National City Corp. deputy chairman, signed the documents in the agreement Wednesday.
Gem Savings has assets of $1.5 billion. Under terms of the agreement, National City is providing Gem Savings with more than $105 million in capital to bring the thrift in compliance with federal capital requirements.
Dickerson said Gem Savings customers will see little outward change in operations. Gem Savings has 18 offices in Dayton and six in Cincinnati. Customers will continue to use Gem branches, Dickerson said, and National City is retaining local management of the branches and giving them 'autonomy.'
However, six to eight Gem Savings branches will eventually be merged with branches of National City's First National Bank, Dayton. And officials said 100 jobs within the corporation will eventually be eliminated, mostly through attrition.
Gem Savings will operate as a separate thrift subsidiary of National City for the immediate future.
National City operates 16 commercial banks in Ohio, Kentucky and southern Indiana. The acquisition of Gem Savings will increase the bank holding company's assets to approximately $24 billion.
First National Bank, Dayton has 27 offices in the greater Dayton area and assets of $1 billion.