CNB Bancshares has a deal that would give the Evansville, Ind., company the top market share in its hometown.
The $7.1 billion company said Wednesday that it is buying the five Evansville-area branches of Indianapolis-based First Indiana Bank for an undisclosed sum. CNB, parent of Citizens National Bank, would gain $130 million of deposits in the deal, boosting its market share in the Evansville area to 36%.
Old National Bancorp currently holds the most deposits in Vanderburgh County, where Evansville is located. The $6 billion-asset company has a 34.6% market share, according to the Federal Deposit Insurance Corp., compared with a 32.9% share for Citizens.
CNB plans to close the five First Indiana branches, because each one is near an existing Citizens office. CNB, which operates 144 branches in four states, expects to offer jobs to most of the 48 First Indiana employees by the time the deal closes in July.