First Farmers to Buy Bank of Indiana

First Farmers Financial in Converse, Ind., has agreed to buy most of Bank of Indiana.

First Farmers will buy most of the Dana company's assets and all of its deposit liabilities under a purchase and assumption agreement. The deal is expected to close in the third quarter; the companies did not disclose a price.

Bank of Indiana has four branches and $103 million in assets. First Famers has $1.1 billion in assets and 24 branches in Indiana and Illinois.

"The operational focus and service market areas of Bank of Indiana fit very well into the market footprint of First Farmers Bank & Trust," Gene Miles, First Farmers' chief executive, said in a press release. "Both organizations have demonstrated a long-term commitment and understanding to agricultural and commercial services with special attention given to individual customer care."

The deal continues First Farmers' expansion efforts. Last year, the company bought First Citizens of Paris in Illinois for roughly $17 million.