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.