First Farmers Financial Corp. and Indiana Bank Corp., the parent company of Bank of Indiana, N.A., have entered into a Purchase and Assumption Agreement, dated April 5, to provide for the purchase of a significant portion of assets and the assumption of deposit liabilities of Bank of Indiana, N.A. by First Farmers Bank and Trust.
First Farmers Bank and Trust operates 24 banking locations in Indiana and Illinois.
Bank of Indiana currently operates four bank locations in Dana in Vermillion County and the towns of Bargersville, North Judson and Hamlet.
The transaction is expected to close within the third quarter of 2013 and is subject to regulatory approval.
First Farmers Bank and Trust is an independently held $1.1 billion asset financial service provider bank based in Converse, Ind., with over 475 stockholders and serving over 40,000 clients in the Midwest.
For more information, contact Tade J. Powell at 765-293-4162.