MainSource Financial Group, of Greensburg, Ind., announced Thursday it had agreed to acquire Madison Bank and Trust Co. from the $145 billion-asset National City Corp. of Cleveland.
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Terms of the deal were not disclosed, though the $1.6 billion-asset MainSource said it would pay all cash.
The $216 million-asset Madison Financial is based in Madison, Ind., where MainSource has two offices. Madison Financial has five offices: three in Madison, one in Hanover, and one in Rising Sun, Ind.
The deal, expected to close in the third quarter, would bring MainSource into Ohio County, Ind., for the first time and would boost its market share from less than 6% to 41%. That would give it the No. 2 share in Jefferson County.
