Old Kent to Acquire Indiana Bank Firm
GRAND RAPIDS, Mich. - Old Kent Financial Corp. said it signed a letter of intent to acquire Hasten Bancorp, a $600 million-asset multibank holding company based in Indianapolis.
Old Kent, an $8.3 billion-asset company making its first foray into Indiana, said it would pay Hasten shareholders about $66.6 million: $32.6 million in cash and $34 million in preferred stock.
The preferred stock will have a dividend rate of 7.75% and will be convertible into Old Kent common stock at $34.85 a share.
Old Kent's common shares were trading early Friday at $29.25, unchanged. The company has 29 banking subsidiaries with 200 offices in Michigan and Illinois.