Continuing a three-state expansion, Evansville, Ind.-based Old National Bancorp. on Friday said it had reached an agreement to acquire a tiny central-Indiana thrift.

Old National said it agreed to an $18.1 million stock swap for First United Savings Bank, whose $138 million of assets include offices in Greencastle and Bloomington, Ind. The bank was apparently the winning bidder with an offer that amounts to $31 a share, or about 160% of book value.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.