Tuesday, March 23, 1999

INDUSTRY NOTES: BANKING


Stock swap yields top area thrift

BY JEFF McKINNEY
The Cincinnati Enquirer

        Fidelity Financial of Ohio Inc. and Glenway Financial Corp. have completed their merger, creating a new company that becomes Greater Cincinnati's largest thrift.

        The $48 million stock-swap deal between the parents of Fidelity Federal Savings Bank and Centennial Savings Bank was completed Friday. The new company, operating under the name Centennial Bank, will have 15 branches and about $815 million in assets locally.

        The combined company also will become Hamilton County's fifth-largest financial institution based on deposits — behind Fifth Third, Provident, Firstar and PNC.

John Reusing, Fidelity's chairman, will keep that title with the merged company. Robert Sudbrook, Glenway's president and chief executive, will oversee daily operations of the new Centennial Bank.

        The deal also means that the Centennial name will replace the name Fidelity Federal Savings at branches. Part of the rationale is that Fidelity's name often is confused with those of other companies, including Fidelity Investments and Fidelity Mortgage.

Henshaw-Hertz to head Fed's local bank office
        Barbara Henshaw-Hertz has been appointed to run the Federal Reserve Bank of Cleveland's Cincinnati office, effective April 1.

        She will succeed Charles Cerino, who is retiring as senior vice president after 38 years with the Cleveland Fed.

        In her new position, Ms. Henshaw-Hertz will oversee daily operations of the Fed's Cincinnati office.

        She joined the Fed in 1977 and most recently served as the Cleveland Fed's representative to the Federal Reserve System's Cash Advisory Group.

        Ms. Henshaw-Hertz has a bache lor's degree in accounting and finance from the University of Cincinnati and a master's degree in business administration from Xavier University.

InterCounty Bancshares raises quarterly dividend
        InterCounty Bancshares Inc., quietly one of Ohio's most profitable thrifts, has raised its quarterly dividend 36 percent.

        The parent of National Bank and Trust Co. of Wilmington, Ohio, has increased the dividend to 17 cents from 121/2 cents previously. The next dividend is payable April 26 to shareholders of record March 31.

        InterCounty, with a market value of about $88 million, has assets of $519 million. Its National Bank and Trust unit operates 17 branches in Clinton, Brown, Clermont, Warren and Highland counties.

Bank One to create new fund portfolio
        Bank One Corp. will merge mutual funds acquired from First Chicago NBD Corp. with its existing funds to create a new fund portfolio with $56.2 billion in assets under management.

        The new fund family will be known as One Group Mutual Funds and will be managed by Banc One Investment Advisors of Columbus.

        Bank One is taking the Pegasus funds previously managed by First Chicago and merging them with the existing One Group funds to offer a total of 48 funds.

        Chicago-based Bank One, the nation's fourth-largest bank with assets of more than $260 billion, was formed in October after it acquired First Chicago for $18.9 billion in stock.

        Bank One operates about 40 branches in Greater Cincinnati.

       



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