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Tri-State 1st Banc Spins Off Gateminder Corp.
EAST LIVERPOOL, Ohio -- Tri-State 1st Banc Inc. will sell Gateminder Corp., one of its four subsidiaries, to its president and CEO, Lance Lang, on or before Dec. 31, Stephen R. Sant announced Monday.
Sant is president and CEO of the holding company and its largest subsidiary, 1st National Community Bank. The price was not disclosed but Sant said, “Gateminder represents less than 1% of Tri-State’s total assets” of $128.5 million at June 30.
Gateminder helps clients, mostly financial institutions, select equipment including the purchase and lease of ATMs, says the 2013 annual report of Tri-State. Gateminder offers complete turnkey functions for ATMs, the report says. Gateminder added 11 financial institutions to its list of clients in 2013.
The sale of Gateminder, Sant said in a prepared statement, will allow “more focus on the bank. Proceeds from the sale will allow us to reduce debt on Tri-State’s balance sheet.”
Gateminder has been a subsidiary of Tri-State since it was founded in 1999, Sant noted, and Lang has run it since its inception.
“The increased regulatory requirements of our core business, 1st National Community Bank, caused us to make the strategic decision to sell Gateminder,” Sant said.
Published by The Business Journal, Youngstown, Ohio.
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