MainSource Financial in Greensburg, Ind., has agreed to sell five branches to German American Bancorp in Jasper, Ind.
The $3.1 billion-asset German American will buy branches in Greensburg and Columbus, Ind., along with $160 million in deposits and $134 million in loans. The Department of Justice required the sales as part of signing off on the $4.6 billion-asset MainSource’s planned sale to the $8.9 billion-asset First Financial in Cincinnati.
German American will retain the branches’ 28 employees. The branches are expected to be converted in the second quarter.
The announcement “signals another important step to finalizing our merger with First Financial,” Archie Brown, MainSource’s president and CEO, said in the release. Brown is expected to become First Financial’s CEO when the deal closes.
MainSource was advised by Keefe, Bruyette & Woods. German American was advised by Raymond James.