Short Takes: Two Trust Companies In Indiana to Merge

ANB Corp. said it will acquire Fort Wayne-based Northern Indiana Trust Co. in a cash transaction.

The Muncie, Ind.-based banking company signed a letter of intent, but did not disclose the value or the terms of the agreement.

Paul L. Sehnert Jr., president of ANB's American National Trust and Investment Management unit said, "This is the first time in history that two organizations providing trust services have merged in Indiana."

American National, with $350 million of assets, plans to complete the merger by March 31. The deal, announced on Monday, would create a $1 billion trust company - the fourth-largest in Indiana.

Competitive pressures helped bring the two companies to the negotiating table, Mr. Sehnert said. "We're both responding to a client market area that felt they'd been left behind by out-of-state trust services."

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