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Emclaire Financial completes United-American Savings Bank acquisition

Emlenton, Pa.-basedEmclaire Financial Corp.completed its acquisitionof Pittsburgh-based United-AmericanSavings Bank.

The transactionclosed April 30 and is expected to be immediately accretive to Emclaire's earningsfor the rest of 2016, excluding one-time charges, and 29% accretive to 2017 earnings.The bank will convert the target's branch and operating systems in late June. Inaddition, Emclaire is set to open a branch in Aspinwall, Pa., during the third quarter.

The expands Emclaire's franchiseinto Pittsburgh and boosts the bank to about $688 million in assets and about $582million in deposits. United-American shareholders are entitled to receive $42.67in cash for each United-American common share, or an aggregate of about $14.1 million.