Lizton Financial in Lizton, Ind., has agreed to buy Indiana Business Bancorp in Indianapolis.
The $374 million Lizton said in a press release Tuesday that it will pay $12.5 million, or $7.25 a share, in cash for the $66.5 million-asset Indiana Business Bancorp. The deal is expected to close in the third quarter.
"The team at IBB is well known to us, their expertise and abilities will be a perfect complement to our existing staff," Michael Baker, Lizton's president and chief executive, said in the release. "The combination will provide additional products and services for IBB customers, and significantly impact our potential for additional commercial banking growth."
Indiana Business Bancorp was advised by Sandler O'Neill and Faegre Baker Daniels. Lizton was advised by Renninger & Associates and SmithAmundsen.