Mortgage lender to buy small bank in Indiana
Ruoff Financial, a mortgage company in Fort Wayne, Ind., has agreed to buy SBB Bancshares in Burnettsville, Ind.
Ruoff, which announced the deal on Thursday, did not disclose how much it will pay for the $36 million-asset parent of State Bank of Burnettsville, which will be renamed Ruoff Bank.
State Bank of Burnettesville has two branches and $35 million in deposits.
Ruoff is the holding company for Ruoff Home Mortgage, which has roughly 500 employees and 28 branches in four states.
Ruoff said it plans to keep all of State Bank of Burnettsville’s employees.