GREENSBURG, Ind. -- (Business Wire)
Archie M. Brown, Jr., President and Chief Executive Officer of
MainSource Financial Group, announced today that MainSource Bank has
entered into a definitive agreement with Old National Bank (ONB) to
acquire ONB branches located in Portland, Richmond, Brownstown, and
Batesville, Indiana as well as one branch located in Union City, Ohio.
The purchase includes a total of $120 million in deposits and
approximately $30 million in loans. The acquired deposits are comprised
of approximately 81% transaction/savings accounts and 19% time accounts.
Subject to the receipt of regulatory approvals and the satisfaction of
customary closing conditions, the branch purchase is expected to be
completed in July of 2015.
Mr. Brown stated, “MainSource is excited to expand our services within
our current footprint of banking centers. This branch acquisition
demonstrates our commitment to communities we currently serve such as
Batesville and Portland, while expanding our position in surrounding
communities, such as Richmond and Brownstown. Union City is a natural
extension into a market adjacent to our current market. We look forward
to welcoming new customers to MainSource and providing these communities
with our brand of full service banking including traditional checking
and savings accounts, mortgage and consumer lending, and trust and
brokerage services.”
MainSource Financial Group is listed on the NASDAQ National Market
(under the symbol: “MSFG”) and is a community-focused, financial holding
company with assets of approximately $3.1 billion. The Company operates
80 full-service offices throughout Indiana, Illinois, Kentucky and Ohio
through its banking subsidiary, MainSource Bank, headquartered in
Greensburg, Indiana. Through its non-banking subsidiary, MainSource
Title LLC, the Company provides various related financial services.
Old National Bancorp (NASDAQ: ONB) is the largest financial services
holding company headquartered in Indiana with approximately $11.2
billion in assets. Since its founding in Evansville in 1834, Old
National has focused on community banking by building long-term, highly
valued partnerships with clients in its primary footprint of Indiana,
Illinois, Kentucky and Michigan. In addition to providing extensive
services in retail and commercial banking, wealth management,
investments and brokerage, Old National also owns Old National Insurance.
Forward-Looking Statements
Except for historical information contained herein, the discussion in
this press release may include certain forward looking statements based
upon management expectations. Actual results and experience could differ
materially from the anticipated results or other expectations expressed
in the Company’s forward-looking statements. Factors which could cause
future results to differ from these expectations include the following:
general economic conditions; legislative and regulatory initiatives;
monetary and fiscal policies of the federal government; deposit flows;
the cost of funds; general market rates of interest; interest rates on
competing investments; demand for loan products; demand for financial
services; changes in accounting policies or guidelines; changes in the
quality or composition of the Company’s loan and investment portfolios;
the Company’s ability to integrate acquisitions; the impact of our
continuing acquisition strategy; and other factors, including various
“risk factors” as set forth in our most recent annual report on Form
10-K and in other reports we file from time to time with the Securities
and Exchange Commission. These reports are available publicly on the SEC
website, www.sec.gov,
and on the Company’s website, www.mainsourcefinancial.com.
Contacts:
MainSource Financial Group
Archie M. Brown, Jr., 812-663-6734
President
and CEO
Source: MainSource Financial Group
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