First Defiance Financial Corp. Acquires Insurance Center of Defiance

First Defiance Financial Corp. says it has signed a definitive agreement to acquire the Insurance Center of Defiance, Inc., an insurance agency that does business in the Defiance, Ohio area under the name of the Stauffer Mendenhall Agency.

"We are pleased to announce the acquisition of the Stauffer Mendenhall Agency," commented Don C. Van Brackel, chairman and CEO of First Defiance Financial Corp. "This acquisition will allow us to increase our non-interest income through the Agency's revenues and it will give us the ability to generate additional revenue from the credit life and collateral protection insurance that is marketed to our customers. We also believe that the affiliation with First Defiance will enable the Agency to expand significantly."

The Agency will continue to be managed by its former owners, Steven P. Grosenbacher, Lawrence H. Woods and Timothy S. Whetstone. Grosenbacher will serve as president of the Insurance Center of Defiance, which will be a wholly owned subsidiary of First Defiance Financial Corp. The transaction is expected to close in the 1998 fourth quarter.

First Defiance Financial Corp. is the holding company for First Federal Savings and Loan, Defiance, OH and The Leader Mortgage Company, Cleveland, OH.