JASPER, Ind. - GAB Bancorp has signed a letter of intent to acquire Otwell State Bank in a stock transaction.

Further financial terms were not disclosed.

GAB Bancorp said Otwell State Bank operates one office in Pike County, Ind., and had total assets of $15.6 million as of June 30.

Completion of the transaction is subject to the signing of a definitive agreement and approvals by regulatory agencies and Otwell stockholders.

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