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Published: Friday, 12/22/2006

Rurban to restructure, sell off some assets

DEFIANCE Rurban Financial Corp., which struggled financially last year and early this year, announced several restructuring moves last night, including merging metro Toledo s Exchange Bank into the firm s State Bank and Trust Co. operations.

The company said it will sell $17.5 million in investments, mostly to pay off borrowings; sell $3.6 million of its credit card portfolio; complete the sale of $1.4 million in non-performing assets; and recover $888,000 from previously charged off WorldCom Inc. bond losses.

Exchange Bank and Reliance Financial services, its investment and trust unit, are to be consolidated into Rurban s main operating bank, State Bank and Trust, before April.

The firm had a $814,000 third-quarter profit and a $714,000 second-quarter profit on higher net interest income. But it had a lower first-quarter profit and a significantly reduced annual profit last year, partly because of higher provisions for loan losses.



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