1st Source to Buy Farmers State
SOUTH BEND, Ind. -- 1st Source Bank said it has agreed to acquire Farmers State Bank of Wyatt, Ind., for $10.9 million in cash and long-term notes.
1st Source Bank, a subsidiary of the $1.2 billion-asset 1st Source Corp., said it expects to complete the acquisition in the second quarter of 1992 after completion of a definitive agreement and regulatory approvals.
Farmers State Bank had $85 million in assets and $74 million in deposits at Sept. 30. It has offices in Wyatt, Walkerton, South Bend, and LaPorte; those in Walkerton and South Bend are likely to be closed while the others are melded into the 1st Source network.
Tom Boyd, chairman of Farmers State, called the deal "a positive move" for his customers because they will gain access to more extensive branch and automated teller machine systems.