American Bank to Buy Grange

American Bank Holdings Inc., Silver Spring, Md., and The Grange Bank, Columbus, Ohio, have announced an agreement under which American Bank will acquire Grange, including substantial amounts of home equity and commercial real estate loans.The terms of the transaction were not disclosed. The companies said American Bank, a subsidiary of American Bank Holdings, will acquire approximately $95 million of home equity lines of credit, fixed-rate home equity loans, CRE loans, and commercial business loans as well as approximately $196 million of deposits in the deal. They said Grange Bank, a subsidiary of the Grange Mutual Casualty Co., will also sell its residential mortgage loan and auto loan portfolios in other transactions that have not been finalized. The companies can be found online at http://www.americanfsb.com and http://www.grangeinsurance.com.