First Niles Financial Stock

First Niles Financial, Inc. operates as the bank holding company for Home Federal Savings and Loan Association of Niles that provides various banking products and services.

The company's principal business consists of attracting retail deposits from the general public and investing those funds primarily in permanent and construction loans secured by first mortgages on one- to four-family residences. The company engages in the origination of permanent and construction loans secured by first mortgages on commercial and multi-family real estate. To a lesser extent, the company originates consumer and commercial business loans.

On August 2, 2021, the company acquired 100% of the outstanding equity interest of Union Capital Mortgage Corporation (Union Capital). Union Capital is a mortgage banking company that provides residential mortgage loans to the general public and sells them in the secondary market. Union Capital continues to conduct its mortgage banking business from offices located in Mentor, Westlake and Hudson, Ohio.

Loans

The company's loan portfolio includes loans secured by one- to four-family properties; commercial real estate loans, which include loans secured by multi-family properties; home equity lines of credit; loans for construction and development; commercial and industrial loans; and deposit secured loans.

Deposits

The company's deposits are savings, demand and NOW accounts; and certificates of deposit.

Investment Securities

The company's investment securities are collateralized mortgage obligations, mortgage-backed securities, the U.S. government agency securities, and municipal bond.

Regulation

The bank is subject to regulations imposed by the OCC.

History

First Niles Financial, Inc. was founded in 1897.