MutualBank in Muncie, Ind., said it has closed the acquisition of Summit Mortgage, in Fort Wayne.

In July, the $1.3 billion-asset bank agreed to purchase Summit, which specializes in conventional, construction, Federal Housing Administration and Department of Veterans Affairs mortgages. No price was disclosed.

Summit's president, Shawn McArdle, and vice president Vicki Reed will continue to manage the company in those same roles, Pat Botts, president and chief operating officer of MutualBank, said in a press release Friday.

MutualBank runs 30 retail financial centers and two branches in Indiana and a loan origination office in New Buffalo, Mich.

Beasley & Gilkison represented MutualBank, while Summit Mortgage was represented by Barrett & McNagny, LLP.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.