MainSource Bank to Purchase Old National Branches
Archie M. Brown, Jr., president and CEO of MainSource Financial Group, announced MainSource Bank entered into a definitive agreement with Old National Bank (ONB) to acquire ONB branches located in Portland, Richmond, Brownstown, and Batesville, IN, as well as one branch located in Union City, OH.
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.
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.”
Old National Bancorp is a financial services holding company headquartered in Indiana with approximately $11.2 billion in assets.