A merger of equals between two Indiana banking concerns has created a $650 million-asset company with 27 branches in 13 counties. Indiana United Bancorp of Greensburg last week bought PTC Bancorp, Brookville, for $46.3 million of stock. PTC shareholders are getting 1.075 shares for each of their shares.

PTC owned People's Trust Co. Indiana United owned Union Bank and Trust Co. of Indiana and Regional Federal Savings Bank.

James L. Saner, president and chief executive officer of PTC, said the partners believed that they needed more size "to remain independent and be in charge of our own destinies."

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