MutualBank (MFSF) in Muncie Ind., has agreed to buy Summit Mortgage in Fort Wayne, Ind.
The $1.3 billion-asset MutualBank said in a press release Wednesday that it expects to complete the acquisition next month.
Summit Mortgage offers borrowers conventional, construction, Federal Housing Administration and Veterans Affairs loans. It also participates in a rural development assistance program. Shawn McArdle and Vicki Reed will continue to manage Summit Mortgage as president and vice president, respectively.
"We appreciate the investment MutualBank is making in Summit Mortgage," McArdle said in the release. "We look forward to a more comprehensive array of products and services as we continue to provide excellent care for our customers in northeastern Indiana and southern Michigan."
Beasley & Gilkison served as MutualBank's legal advisor. Summit Mortgage was represented by Barrett & McNagny.