Community Bank Shares of Indiana Inc. announced a deal Thursday that would boost its deposits in three counties.
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The $647 million-asset Community Bank, in New Albany, said it plans to buy the privately held Bancshares Inc. of Scottsburg, Ind., for $31.1 million in cash and stock.
Community Bank said that acquiring the $136 million Bancshares would give it the No. 1 combined deposit market share in Clark, Floyd, and Scott counties.
Bancshares' Scott County State Bank, would continue to operate under its own name and charter.
