MainSource Bank plans to expand its presence in Kentucky with the purchase of two branch locations in Frankfort and one branch location in Lawrenceburg, Kentucky from American Founders Bank.
In total, the purchase includes approximately $70 million in loans and $100 million in deposits. MainSource Bank currently maintains a presence in Mercer and Anderson counties in Kentucky. In exchange, MainSource Bank will sell its branch located in Jefferson County, Kentucky, including certain associated loans and deposits, to American Founders Bank.
The agreement calls for the Frankfort and Lawrenceburg offices to become a part of MainSource Bank which is a wholly owned subsidiary of MainSource Financial. The Louisville office will become part of American Founders Bank which is a wholly owned subsidiary of American Founders Bancorp. The transaction, which is expected to close in the second quarter of 2009, is subject to regulatory approval and other closing conditions.
Daryl Tressler, chairman, president and CEO of MainSource Bank, said: This acquisition is a strategic opportunity for MainSource Bank to expand relationships in our Kentucky markets. The locations of these branches provide a natural extension of our footprint and are located in communities that fit our core business strategy.
