A Purchase and Assumption Agreement has been signed between First Farmers Financial Corporation and Indiana Bank Corporation which provides for the purchase of a significant portion of assets and the assumption of deposit liabilities of Bank of Indiana by First Farmers Bank and Trust.
The president and CEO of First Farmers Bank and Trust, Gene Miles, believes that the focus and service market areas of Bank of Indiana fit First Farmers Bank and Trust’s long-term strategic plan along with the understanding of agricultural and commercial services.
First Farmers Bank and Trust currently operates 24 banking locations in Indiana and Illinois. Bank of Indiana currently operates several banking locations including banks in North Judson and Hamlet.
This transaction is expected to close by within the third quarter of 2013 and is subject to regulatory approval.