MainSource Financial Group Inc. of Greensburg, Ind., has agreed to buy HFS Bank of Hobart for about $36 million.
The deal would give the $1.6 billion-asset MainSource, a multibank holding company, its first branches in Lake and Porter counties in northwest Indiana.
The $238 million-asset HFS would adopt the MainSource name and would operate as a subsidiary.
James H. Greiner, the president of HFS, would become the subsidiary's president.
The transaction, announced late Wednesday, is expected to close in the second quarter. The price is equal to roughly 1.8 times HFS' book value.
In August, MainSource bought the $215 million-asset Madison Bank and Trust Co., and a month later it announced a deal for the $200 million Peoples Ohio Financial Corp. of Troy. That deal is expected to close next quarter.
