Ameriana Completes Acquisition of Cardinal State Bank.NEW CASTLE, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--July 2, 1998--Ameriana Bancorp (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. :ASBI ASBI American Segmental Bridge Institute ), today reported that the Company has completed its previously announced purchase of all the outstanding common stock of Cardinal State Bank, a privately held commercial bank based in Maineville, Ohio Maineville is a village in Warren County, Ohio, United States. The population was 885 at the 2000 census, up from 359 in 1990. It is called Maineville as the original settlers were from the state of Maine. . The transaction is valued at approximately $3.7 million. Commenting on the acquisition, Harry J. Bailey, President and Chief Executive Officer of Ameriana Bancorp, said, "We are pleased to announce the continued expansion of our banking operations in Ohio. Cardinal State Bank's two offices in Maineville and Loveland represent a strong fit to our current location in Deer Park Deer Park. 1 Uninc. village (1990 pop. 28,840), Babylon town, Suffolk co., SE N.Y., a primarily residential suburb on Long Island. 2 City (1990 pop. 27,652), Harris co., SE Tex. , expanding our franchise along the I-71 corridor north of Cincinnati and significantly enhancing our presence in the greater Cincinnati market. Moreover, this acquisition complements the recent expansion we have achieved in Indiana, through both internal growth and acquisition, and it adds momentum to our banking and related financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. across the Company." Bailey noted that the Company's banking operations in Ohio were recently renamed Ameriana Bank of Ohio to provide a unified name and image for its activities in the state and to strengthen the geographic tie the bank has with the communities it serves. Effective with the acquisition, Cardinal State Bank's two branches will operate as part of this subsidiary. Michael C. Olson, President and Chief Executive Officer of Ameriana Bank of Ohio, added "Although structured as a commercial institution, Cardinal State Bank has established a strong tradition in mortgage lending, which fits well with our niche in this market. With this full-service approach, we believe the addition of Cardinal State Bank will expand our opportunity to provide new and attractive services to our customers in the greater Cincinnati area." Olson noted that Peter A. Bergman, who served as Secretary and a director of Cardinal State Bank, has joined the Board of Directors of Ameriana Bank of Ohio. Prior to the acquisition, Cardinal State Bank was an Ohio- chartered, FDIC-insured bank with assets of approximately $24 million. Its addition increases the asset base of Ameriana Bank of Ohio to more than $100 million. At March 31, 1998, Ameriana Bancorp had total assets of $388,491,000 and deposits of $321,349,000. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at quarter's end stood at $45,209,000 or 11.6% of total assets. Net income for the first quarter of 1998 increased 17% to a record $1,029,000 or $.32 per basic share versus $877,000 or $.27 per basic share in the year-earlier period. Ameriana Bancorp, through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ameriana Bank of Indiana and Ameriana Bank of Ohio - both federal savings banks 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 , offers an extensive line of banking services through branches in central Indiana and in the greater Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. area. Ameriana Bancorp also offers title insurance through Indiana Title Insurance Company. In addition to its banking services, Ameriana Bank of Indiana, through a financial services subsidiary, has an interest in a life insurance company and owns Ameriana Insurance Agency - a full-service insurance agency. Also, Ameriana Bank of Indiana and Ameriana Bank of Ohio provide a full line of investments and securities products in their brokerage centers.
CONTACT: Ameriana Bancorp, New Castle
Harry J. Bailey, 765/529-2230
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