MainSource Financial Group, a multibank holding company in Greenburg, Ind., is combining its four Indiana banking charters into one under the name of its lead bank, MainSource Bank.
The $1.4 billion-asset company said late Thursday that once the consolidation is completed in the third quarter of next year, its Indiana customers would have access to more than 50 branches and 53 automated teller machines.
It estimates that the restructuring would cost about $1.2 million, but once it is completed it expects to save $1.4 million annually.
MainSource also said the charter consolidation would include a management restructuring over the next 12 months. James L. Saner, its president and chief executive officer, said it would divide its market area into defined regions, each with its own president.
Aside from its lead bank, MainSource is the holding company of First Community Bank and Trust in Bargersville, Peoples Trust Co. in Linton (which it bought in June), Regional Bank in New Albany, and Capstone Bank in Watseka, Ill. As part of the rebranding effort, Capstone is to be renamed MainSource Bank of Illinois this year; it would retain a separate charter.
