Old National Bancorp (ONB) in Evansville, Ind., has agreed to sell two branches in Indiana.
The $2.8 billion-asset MainSource Financial Group (MSFG) in Greensburg, Ind., is buying an Old National branch in Hope, Ind., with about $25 million in deposits and $4 million in loans. It will also buy the deposits at Old National's Greensburg, Ind., branch. The deal was announced Thursday and should close in December; the price was not disclosed.
"This acquisition is a strategic opportunity for MainSource Bank to extend our service to all areas of Bartholomew County," Archie Brown, MainSource's president and chief executive, said in a press release. "Hope provides a natural extension of our footprint and will provide an added benefit for customers in the Bartholomew, Decatur and Shelby county markets."
Separately, River Valley Bancorp (RIVR) in Madison, Ind., will buy a branch in Osgood, Ind., from the $9.5 billion-asset Old National. The $475 million-asset River Valley will buy the branch's deposits, real estate and certain other assets; the price was not disclosed.
"The acquisition will complement our existing branch network and fits into our banking philosophy of serving local communities," Matthew Forrester, River Valley's president and chief executive, said in a press release. "We are excited to be establishing an office in Ripley County."
Old National said in May that it would close 18 branches. In January, it announced plans to buy 24 branches from Bank of America (BAC) in Indiana and Michigan. It has 181 branches in Illinois, Kentucky, Indiana and Ohio, according to the Federal Deposit Insurance Corp.