Printer Friendly

1ST SOURCE BANK TO ACQUIRE FARMERS STATE BANK OF WYATT

 1ST SOURCE BANK TO ACQUIRE FARMERS STATE BANK OF WYATT
 SOUTH BEND, Ind., Dec. 5 /PRNewswire/ -- 1st Source Bank announced


today that it has reached an agreement to acquire the Farmers State Bank of Wyatt which is headquartered in Wyatt, Ind.
 1st Source Bank, the largest independent financial institution headquartered in north central Indiana and southwestern Michigan, is a subsidiary of 1st Source Corporation (NASDAQ-NMS: SRCE). 1st Source Corporation had assets of $1.2 billion at the end of September 1991.
 Farmers State Bank of Wyatt had total assets of $85 million at the end of September 1991 and deposits of $74 million. It has branches in Wyatt, Walkerton, South Bend and LaPorte, all in Indiana.
 The agreement has been approved by both banks' boards of directors and is subject to executing the definitive agreement and approval by the appropriate regulatory agencies. The acquisition is expected to be completed during the second quarter of 1992.
 The Farmers State Bank of Wyatt acquisition price of $10.9 million will be paid in a combination of cash and long-term notes of 1st Source Bank. Farmers State Bank of Wyatt's branches will become part of 1st Source Bank's branch system with consolidation of the Walkerton and South Bend branches likely.
 Christopher J. Murphy III, president of 1st Source, noted that the pending acquisition of the bank "reflects our continuing commitment to the Michiana region and is in keeping with our strategy for growth in our home market. We are especially pleased to gain the experience and expertise of Tom Boyd and his management team, particularly as it relates to our plans for growth in markets west of St. Joseph County." Murphy added, "The acquisition is a natural fit because Farmers State's employees are committed to a high level of quality service which is consistent with the 1st Source approach to meeting customer needs."
 Boyd, chairman of Farmers State Bank and president of its holding company, Wyatt Bancorp, said, "We regard this agreement as a positive move for our customers because they will be able to access banking services across the Michiana area through an expansive branch system and ATM network. While 1st Source is larger, they have grown the same way we have -- by serving individuals and small businesses." He added, "It is also a natural step forward in that it blends our agricultural expertise with that of 1st Source."
 In addition to 1st Source Bank, 1st Source Corporation includes four other subsidiaries: 1st Source Bank of Starke County, 1st Source Insurance, 1st Source Leasing and 1st Source Capital, a small business investment company.
 -0- 12/5/91
 /CONTACT: Christopher J. Murphy III of 1st Source Bank, 219-235-2711; or Thomas T. Boyd of Farmers State Bank of Wyatt, 219-633-4011/
 (SRCE) CO: 1st Source Corporation; Farmers State Bank of Wyatt ST: Indiana, Michigan IN: FIN SU: TNM


KK-SM -- DE009 -- 9602 12/05/91 10:45 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 5, 1991
Words:482
Previous Article:AEROVOX PURCHASES VARIOUS CORNELL-DUBILIER ASSETS
Next Article:STANFORD TELECOM AWARDED $2.35 MILLION DSCS NETWORK CONTROL SUPPORT SERVICES OPTION
Topics:


Related Articles
1ST SOURCE ANNOUNCES COMPLETION OF FARMERS STATE ACQUISITION
MID AM, INC. DECLARES STOCK DIVIDEND
1ST SOURCE REPORTS EARNINGS INCREASE FOR 1992 SECOND QUARTER
SURETY CAPITAL CORPORATION ANNOUNCES COMPLETION OF FARMERS GUARANTY STATE BANK MERGER
SURETY CAPITAL CORPORATION ANNOUNCES COMPLETION OF FARMERS GUARANTY STATE BANK MERGER
Mellon to Acquire 1st Business Bank
1st United Bancorp Shareholders Approve Merger With Wachovia
Community First Bankshares to Sell Office in Ault, Colo., to Centennial Bank Holdings
Mellon Completes Acquisition of 1st Business Bank

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters