In Brief: American National of Ind. to Buy 5 Branches

American National Bank and Trust Co., Muncie, Ind., has agreed to buy five branches from Union Federal Savings Bank, Indianapolis, for an undisclosed sum.

American National, the lead bank subsidiary of $526 million-asset ANB Corp., plans to purchase one Union Federal branch in Indianapolis and four others in Anderson, Ind. The deal is expected to close in the fall.

James R. Schrecongost, vice chairman and chief executive officer of ANB, said the branch purchases fit with ANB's plan to build a network of community banks throughout Indiana.

The branches would also give ANB an opportunity to broaden its retail and commercial lending capabilities in the Indianapolis and Anderson markets, where the company previously has not had a presence, said Jerome J. Gassen, president and chief operating officer at American National.

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