Windy City bank may buy charter: could enter local market via Nat'l City. (South Shore Bank; National City Corp.; Ohio Bancorp)

Crain's Cleveland Business, December, 1993 by Shingler, Dan

National City Corp.'s acquisition of Youngtown-based Ohio Bancorp may help South Shore Bank clear a big hurdle blocking its entrance to the Cleveland market. The hurdle is the Chicago bank's need for an Ohio bank charter. Reciprocal banking laws between Ohio and Illinois won't allow the bank to just apply for a new charter here.

So it either must buy a charter or purchase an existing bank. National City has an unused charter to sell because the Cleveland bank holding company is merging Ohio Bancorp's Dollar Savings and Trust Co. in Youngstown into National City Bank, Akron. A source familiar with the situation, who asked not to be identified, said South Shore is close to reaching an agreement to acquire National City's Youngstown charter. The source said National...

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