First Farmers Bank and Trust of Converse, Ind., has agreed to acquire three branches from the $107 billion-asset Fifth Third Bancorp, of Cincinnati.
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The deal, announced Wednesday, is expected to close in the third quarter.
The $500 million-asset First Farmers did not say how much it would pay, but it did say the deal would give it $78 million of deposits and $12 million of loans and expand its branch network into neighboring markets.
The branches are in the rural Indiana towns of Culver, Knox, and North Judson. A spokeswoman for Fifth Third said it decided to sell the branches because they did not fit with its growth plan of focusing on metropolitan markets.
First Farmers has 13 branches in north central Indiana.
