First Merchants in Muncie, Ind., has agreed to buy Independent Alliance Banks in Fort Wayne, Ind.

The $7.2 billion-asset First Merchants said in a press release Friday that it will pay $251.3 million in cash and stock for the $1.1 billion-asset Independent Alliance. The deal, which is expected to close in the third quarter, values Independent Alliance at 252% of its tangible book value.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.