CONVERSE, Ind., April 9, 2013 /PRNewswire/ -- First Farmers Financial Corporation, and Indiana Bank Corp. have entered into a Purchase and Assumption Agreement, dated April 5, 2013, which provides 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 currently operates 24 banking locations in Indiana and Illinois. Bank of Indiana currently operates 4 bank locations in Dana, Bargersville, North Judson, and Hamlet, Indiana. The transaction is expected to close by within the 3rd quarter of 2013 and is subject to regulatory approval.
Gene Miles, President and Chief Executive Officer of First Farmers Bank and Trust stated, "The operational focus and service market areas of Bank of Indiana fit very well into the market footprint of First Farmers Bank & Trust. Their core philosophy is analogous to ours as well with a significant focus on client communication and community bank values. Both organizations have demonstrated a long-term commitment and understanding to agricultural and commercial services with special attention given to individual customer care. The purchase and assumption of these types of operations into the First Farmers Bank and Trust organizational structure fits perfectly into the long-term strategic plan for the corporation."
First Farmers Bank & Trust is an independently held $1.1 billion asset financial service provider bank based in Converse, IN with over 475 stockholders and serving over 40,000 clients in the Midwest.