Foundation Bank Acquires Bramble Savings Bank

CINCINNATI, Sept. 17 Foundation Bank is pleased to announce this evening that it has acquired the banking operations of Bramble Savings Bank through a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC).  The acquisition is effective immediately.  Bramble Savings Bank was closed today by the Ohio Division of Financial Institutions, and the FDIC was appointed as receiver.

Bramble Savings Bank's location at 954 State Route 28 in Milford, Ohio will open as one of Foundation Bank's branches on Saturday, September 18, 2010.  Mr. Joseph Hughes, president of Foundation Bank, noted that "the customers of Bramble Savings Bank will see no interruption in service, and their deposits are safe, secure and readily accessible."  Foundation Bank is assuming all deposits of Bramble Savings Bank, thereby resulting in no loss to any depositor.  Bramble Savings Bank customers will be able to access their money using their existing checks, debit cards and ATM cards.  Checks drawn on Bramble Savings Bank will continue to be processed.  Bramble Savings Bank loan customers should continue to make payments as usual.

Additionally, Mr. Hughes added, "Bramble Savings Bank customers will see an enhanced menu of products and services and will have four additional conveniently located Foundation Bank branches in Cincinnati to serve them."  Foundation Bank is locally owned and operated and has been serving the greater Cincinnati area since 1888.  The acquisition is a "strategic fit," remarked Mr. Hughes, "which complements our existing branch network and customer base."  Foundation Bank is well- capitalized, profitable and, with this acquisition, will report total assets of approximately $190 million.

Customers of Bramble Savings Bank that may have questions are welcome to call or stop by the Milford branch or call Kathy Gronefeld, Foundation Bank's Operations Manager, at 513-721-0120.

SOURCE Foundation Bank