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."
