1ST BANCORP announces sale of two Indiana branches to STAR Financial Group, Inc.VINCENNES, Ind.--(BUSINESS WIRE)--Dec. 19, 1995--Vincennes-based 1ST BANCORP announced today that it closed the previously announced sale of two branches of 1ST BANCORP's thrift subsidiary, First Federal Bank, A Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , located in Tipton and Kokomo, Indiana For the band, see . Kokomo (IPA: [ˈkoʊ.kə.moʊ]) is the county seat of Howard CountyGR6, Indiana, United States, Indiana's 13th largest city. to two of STAR Financial Group, Inc.'s subsidiary banks. The Tipton office has become a branch of STAR Financial Bank, Indianapolis, Indiana, based in Anderson, Indiana, and the Kokomo office has become a branch of STAR Financial Bank, Marion, Indiana. Deposits aggregating approximately $78.5 million and mortgage and consumer loans with a principal balance of $28.4 million were transferred in the transaction. "This transaction is expected to contribute approximately $4.5 million after tax to our stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. and add in excess of $7.00 to our book value per share," stated C. James McCormick, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of the Board. "This is a very favorable development for our shareholders and our institution." David A. Noyes & company initiated this transaction and acted as financial advisor to 1ST BANCORP. 1ST BANCORP (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - FBCV FBCV Federação Brasileira de Carro à Vela ) is a holding company whose principal subsidiary is First Federal Bank, A Federal Savings Bank. The Bank will continue to operate a retail banking office in Vincennes, Indiana and operates loan origination offices in Indianapolis, New Albany, and Evansville, Indiana and Loveland (suburb of Cincinnati), Centerville (suburb of Dayton), and Independence (suburb of Cleveland), Ohio. CONTACT: 1ST BANCORP, Vincennes Frank Baracani, 812/882-4528 |
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