Kokomo Mutual Bank Shifts to Stock Form

KOKOMO, Ind. - First Federal Savings Bank of Kokomo said it had completed conversion from mutual ownership to stock form.

Concurrently, the thrift, which has $160 million in assets, was acquired by a newly formed holding company, Central Indiana Bancorp.

The holding company sold 1.09 million shares of common stock at $10 a share in a subscription offering. First Federal said the proceeds would be used primarily for general corporate purposes, including the organization of residential real estate loans and other investments.

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