BUSINESS COMBINATION

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

BUSINESS COMBINATION

14. BUSINESS COMBINATION

On January 29, 2016, the Company completed the purchase of Forge Financial Services, Inc. d/b/a James & Sons Insurance Company of Youngstown, Ohio.  James & Sons Insurance is engaged in the business of selling insurance including auto, commercial, homeowners and life-health insurance.  Under the purchase agreement, the Company paid $1.5 million in stock and $360,000 in cash in connection with this acquisition.  There were $9,000 in acquisition related costs recognized for the nine months ended September 30, 2016.  Total assets purchased were $2.3 million, including $1.6 million in goodwill and other intangible assets.  The Company is evaluating the independent valuations received to separate other intangible assets from goodwill.

On September 8, 2016, United Community announced that they have entered into a definitive agreement and plan of merger pursuant to which UCFC will acquire Ohio Legacy Corp, parent of Premier Bank & Trust. Based on United Community’s closing price as of September 7, 2016, the transaction is valued at approximately $18.00 per Ohio Legacy common share or approximately $40.3 million in the aggregate.  The Company expects to close the transaction in the first quarter of 2017.

Premier Bank & Trust is headquartered in North Canton, Ohio, has approximately $320 million in total assets and operates four full-service banking centers located in North Canton, Fairlawn and St. Clairsville, Ohio as well as a full-service wealth management and trust division.