Tri-State Completes Spinoffs of 2 Subsidiaries
Monday, January 05, 2015
EAST LIVERPOOOL, Ohio -- Tri-State 1st Banc Inc. has completed the spinoffs of two of its subsidiaries, Gateminder Corp. and the assets of Cooper Insurance Agency Inc., Steven R. Sant reported Friday.
Sant is the president and CEO of Tri-State and its largest subsidiary, 1st National Community Bank.
Minor Insurance Group LLC, acquired the assets of the Cooper agency, Sant said, and Gateminder was sold to its president and CEO, Lance Lang. Gateminder offers turnkey services to financial institutions and ATM maintenance.
Tri-State is retaining its other subsidiary, MDH Investment Management Inc., founded in 1983 by Marc D. Hoffrichter, who continues to serve as president.
In a prepared statement, Sant said, “As previously reported, these transactions will allow for additional focus on our core banking business. The proceeds from the sale will be used to reduce debt on Tri-State’s balance sheet.”
Each of the spinoffs represents roughly 0.25% of Tri-State assets, Sant said. At June 30, Tri-State reported total assets of $128.5 million.
Published by The Business Journal, Youngstown, Ohio.
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