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First Defiance Financial Corp. Acquires Payak-Dubbs Insurance Agency

Stocks in this article: FDEF

DEFIANCE, Ohio, July 1, 2011 /PRNewswire/ -- First Defiance Financial Corp. (NASDAQ: FDEF) announced today that its subsidiary, First Insurance & Investments, Inc., has  acquired the business of Payak-Dubbs Insurance Agency, Inc., an independent property and casualty insurance agency with two office locations based in Maumee and Oregon, Ohio.

The acquisition adds to the company's community financial services platform in northwest Ohio, southeast Michigan and northeast Indiana, which includes 33 First Federal Bank of the Midwest locations as well as the First Insurance & Investments offices in Defiance, Bowling Green, Bryan and Archbold. This acquisition expands First Insurance & Investments' presence into adjacent markets and supports the company's overall growth strategy.

"Payak-Dubbs has a strong community presence in both Maumee and Oregon," stated William J. Small, Chairman, President and CEO of First Defiance. "It has a solid base of clients that will be a good complement to our existing franchise. In addition, we believe that First Insurance's reputation of client service, combined with the additional resources we can offer, will benefit individual and business clients in the greater Toledo area."

"First Insurance & Investments is an ideal partner for us," said John Payak of Payak-Dubbs. "We are excited about the opportunities for our combined company to expand product offerings to our existing clients, and extend our reach to other communities in northwest Ohio." "We're really excited about the fit that First Insurance is for us and our clients," said Marty Dubbs of Payak-Dubbs. "First Insurance's dedication and commitment to serving their clients is consistent with the way we do business, which makes it a perfect fit."

"We expect to quickly integrate the agency into First Insurance & Investments with no disruption to clients," said Donald Hileman, CEO of First Insurance & Investments. "Our agency management software systems are comparable, as are the majority of our carriers, so client coverage and statements will be unaffected. Most importantly, the existing agents and staff will remain in place in their current offices. We look forward to working with the staff and clients of Payak-Dubbs for a seamless transition. I am excited with the opportunity to have John and Marty join our management team and assist in the development of the First Insurance brand in our market area. We expect that these two already very successful insurance professionals will bring an added dimension of expertise and senior level management experience to our growing Agency."

First Insurance & Investments was counseled by MarshBerry, a leading advisor to insurance firms, and Vorys, Sater, Seymour and Pease, LLP, its legal counsel.

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