Wednesday, September 20, 2000

Tristate Business Summary

Peoples buying Market Bank

        Peoples Community Bancorp Inc. said late Tuesday that it will buy the Cincinnati-based parent of Market Bank in a cash and stock deal worth about $17.5 million.

        Peoples' acquisition of Market Financial Corp. will give it a thrift with two branches, in Mount Healthy and North Bend, and assets of $56 million, deposits of $40.5 million and 5,000 customers.

        Market Bank will merge with Peoples Community Bank, formed in March in a merger, stock conversion and acquisition deal among three Cincinnati-area thrifts. Peoples has assets of $315 million and six branches, in Hamilton, Warren and Clinton counties.

Elder-Beerman to open 2 stores

        Struggling retailer Elder-Beerman Stores Corp. plans to open two of its previously described new-concept stores Oct. 4, in Howell, Mich., and West Bend, Wis.

        The stores are part of a new plan by Dayton-based Elder-Beerman to operate stores that display more merchandise in less space. The stores will include centralized customer service centers, self-select cosmetics and a new juniors/young men's shop called The Zone.

        In May, Elder-Beerman said a Jasper, Ind., store will open by Christmas. Stores in Warsaw, Ind., and Frankfort, opened last year.

2 Stern's stores will be closed

        Federated Department Stores said it will close two Stern's stores on the East Coast, finishing efforts to eliminate underperforming stores at that division.

        The stores are in New York City and Rockland County, N.Y. They will close in March, eliminating 465 jobs.

        The stores, formerly A&S, were transformed into Stern's after Federated merged A&S into Macy's in 1995. Stern's operates 25 stores in New York and New Jersey.

— From staff and wire reports


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- Tristate Business Summary
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