Integra Bank Corp. of Evansville, Ind., has closed its last branch sale in a string of five such deals it made this year to raise capital levels.
The company sold three Kentucky branches of its banking subsidiary, Integra Bank, to FNB Bank Inc., a subsidiary of Jackson Financial Corp. in Mayfield, Ky.
FNB purchased two branches in Cadiz and one in Mayfield, totaling about $119.7 million in deposits and $27.8 million in loans.
The transaction also included $43.7 million in commercial, agricultural and commercial real estate loans that came from other Integra offices. The closing was announced Friday.
FNB, with $196.1 million of assets, paid about $6 million for the deposits, at a 5.09% premium.
The sale was the last step this year in Integra's plan to aggressively reduce its asset size through a series of branch and loan sales.
On Sept. 10, the company announced the completion of a four-branch sale in Kentucky and Ohio to Citizens Deposit Bank and Trust in Vanceburg, Ky.
Integra said this most recent branch deal with FNB increased all of the capital ratios at its bank unit. That included a 75-basis-point jump in its total risk-based and Tier 1 ratio.
Integra Bank had a total risk-based capital ratio of 8.33% and Tier 1 ratio of 7.02% as of June 30. Before some of the branch sales closed, Integra Bank Corp. had $3 billion of assets, as of June 30.
Total assets fell 11.2% from a year earlier.