Oak Hill Financial Acquires Insurance Agency
April 18 2007 - 8:07PM
PR Newswire (US)
JACKSON, Ohio, April 18 /PRNewswire-FirstCall/ -- Oak Hill
Financial, Inc. (NASDAQ:OAKF) announced today that its insurance
affiliate, Oak Hill Financial Insurance Agency, Inc., has acquired
the assets of Meeker & Meeker, Inc., a privately-held insurance
agency located in Franklin, Ohio. The all- cash transaction closed
on April 16, 2007. Meeker & Meeker specializes in commercial
and personal property and casualty insurance. Founded in 1884, the
agency serves the insurance needs of over 1,200 businesses,
families, and individuals in Southwestern Ohio. Oak Hill Financial
Insurance Agency will continue to use the Meeker & Meeker name
in its local market areas. Fred Farmer, President and CEO of Meeker
& Meeker, has become a Senior Vice President of Oak Hill
Financial Insurance and will oversee all of Oak Hill's commercial
insurance lines. "Meeker & Meeker is one of the oldest
insurance agencies in Southwestern Ohio, and it is very highly
respected throughout the region," said R. E. Coffman, Jr.,
President and CEO of Oak Hill Financial, Inc. "Fred Farmer has done
a tremendous job of carrying on his family's tradition of service
to their clients. He and his staff will make great additions to our
team." Oak Hill Financial expects the transaction to be immediately
accretive to earnings per share. "At Meeker & Meeker's current
production levels, we expect that this transaction will add about
$.01 per share annually to our earnings," stated Coffman. "Of
course, we believe there is strong potential for further growth in
the agency." Coffman explained that the Meeker & Meeker
acquisition is part of Oak Hill Financial's long-term strategy.
"One of our long-term goals is diversification of revenues within
the financial services industry," he said, "and we've targeted
insurance services as a key growth area for the company to
complement our banking operations." Oak Hill Financial's expenses
related to the transaction were minimal. Porter, Wright, Morris
& Arthur LLP served as legal counsel to Oak Hill Financial in
connection with the transaction. Oak Hill Financial is a financial
holding company headquartered in Jackson, Ohio. Its subsidiary, Oak
Hill Banks, operates 37 full-service banking offices and one bank
loan production office in 16 counties across southern and central
Ohio. A second subsidiary, Oak Hill Financial Insurance Agency,
provides group health plans, property and casualty insurance,
benefits administration, and other insurance services to business
and public-sector organizations throughout the same region. The
company also holds 49% of Oak Hill Title Agency, LLC, which
provides title services for commercial and residential real estate
transactions. Forward-Looking Statements Disclosure This release
contains certain forward-looking statements related to the future
performance and condition of Oak Hill Financial, Inc. 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.
DATASOURCE: Oak Hill Financial, Inc. CONTACT: David G. Ratz,
Executive Vice President, Oak Hill Financial, Inc., +1-740-286-3283
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