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Old National Bancorp (ONB) in Evansville, Ind., has agreed to buy LSB Financial (LSBI) in Lafayette, Ind. The $9.6 billion-asset Old National will pay about $67 million, or $41.67 a share, in cash and stock for the $366 million-asset LSB.
June 4 -
Consumers in the market for new banks will find the most affordable options in the Midwest and South, according to a study from GoBankingRates.
May 28 -
Midwestern community banks are in their best financial condition since early 2009, the Office of the Comptroller of the Currency said in a May 13 report.
May 14 -
First Farmers Financial (FFMR) in Converse, Ind., has agreed to buy seven branches in Indiana from Bank of Montreal's BMO Harris Bank.
May 9
MutualBank (MFSF) in Muncie Ind., has agreed to buy Summit Mortgage in Fort Wayne, Ind.
The $1.3 billion-asset MutualBank said in a press release Wednesday that it expects to complete the acquisition next month.
Summit Mortgage offers borrowers conventional, construction, Federal Housing Administration and Veterans Affairs loans. It also participates in a rural development assistance program. Shawn McArdle and Vicki Reed will continue to manage Summit Mortgage as president and vice president, respectively.
"We appreciate the investment MutualBank is making in Summit Mortgage," McArdle said in the release. "We look forward to a more comprehensive array of products and services as we continue to provide excellent care for our customers in northeastern Indiana and southern Michigan."
Beasley & Gilkison served as MutualBank's legal advisor. Summit Mortgage was represented by Barrett & McNagny.