Converse, Indiana, Aug 13, 2009 - First Farmers Financial Corporation, Converse, Indiana and CB Bank Shares, Inc, Russiaville, Indiana, announced today that they have signed a definitive merger agreement under which CB Bank Shares will merge into First Farmers. CB Bank Shares is the holding company for Central Bank, which will be merged into First Farmers Bank & Trust, First Farmers wholly-owned subsidiary bank. The transaction will combine two of the oldest banking institutions in Central Indiana.
Gene Miles, President and Chief Executive Officer of First Farmers Bank & Trust stated, “We are very pleased to announce this agreement. Our banking philosophy and commitment to community banking in Central Indiana fits perfectly with those of Central Bank. We feel that our combined staffs will be in an excellent position to provide comprehensive financial services to clients in the heart of our branch network. Like First Farmers, Don Smith and Central Bank are recognized as leaders in furthering the goals of community banking and have a history of supporting Howard County and Central Indiana.”
“Both Central Bank and First Farmers Bank & Trust have upheld the traditions and service expectations of community banking, and our clients will now be able to appreciate a wider variety of bank products without compromising the high degree of personalized service that they now receive,” stated Don Smith, President of Central Bank.
The acquisition will give First Farmers Bank & Trust 20 branches in Indiana, over $730 million in assets, and gross capital of over $75 million. It also makes the organization the largest privately held deposit holder in Howard County with $165 million at 5 branch locations. Currently, Central Bank operates two bank locations in Russiaville and Kokomo with assets of $55 Million. “We expect that the talent we have in place in Howard County, in particular, will continue to exemplify community banking with a premium placed on customer communication and personalized service. Our strong capital position gives us an excellent opportunity to give this staff the tools to grow our business. We’re excited about the future of our combined operations” added Miles.
Mike Renninger, Renninger & Associates, LLC has acted as financial advisor to First Farmers Financial Corp. and Thomas C. Blank, Shumaker Loop & Kendrick, is counsel to First Farmers Financial Corp. in connection with the transaction. Thomas M. Maxwell, Barnes and Thornburg LLP and Joseph Davis, Davis & MacDonald Law Firm, have represented CB Bank Shares, Inc.
Financial terms of the transaction were not announced. It is expected that the transaction will close late in the fourth quarter of 2009 or early in 2010.
For further information regarding this release please contact Gene Miles at 765-395-3316 or Don Smith at 765-453-9100.
Gene Miles, President and Chief Executive Officer of First Farmers Bank & Trust stated, “We are very pleased to announce this agreement. Our banking philosophy and commitment to community banking in Central Indiana fits perfectly with those of Central Bank. We feel that our combined staffs will be in an excellent position to provide comprehensive financial services to clients in the heart of our branch network. Like First Farmers, Don Smith and Central Bank are recognized as leaders in furthering the goals of community banking and have a history of supporting Howard County and Central Indiana.”
“Both Central Bank and First Farmers Bank & Trust have upheld the traditions and service expectations of community banking, and our clients will now be able to appreciate a wider variety of bank products without compromising the high degree of personalized service that they now receive,” stated Don Smith, President of Central Bank.
The acquisition will give First Farmers Bank & Trust 20 branches in Indiana, over $730 million in assets, and gross capital of over $75 million. It also makes the organization the largest privately held deposit holder in Howard County with $165 million at 5 branch locations. Currently, Central Bank operates two bank locations in Russiaville and Kokomo with assets of $55 Million. “We expect that the talent we have in place in Howard County, in particular, will continue to exemplify community banking with a premium placed on customer communication and personalized service. Our strong capital position gives us an excellent opportunity to give this staff the tools to grow our business. We’re excited about the future of our combined operations” added Miles.
Mike Renninger, Renninger & Associates, LLC has acted as financial advisor to First Farmers Financial Corp. and Thomas C. Blank, Shumaker Loop & Kendrick, is counsel to First Farmers Financial Corp. in connection with the transaction. Thomas M. Maxwell, Barnes and Thornburg LLP and Joseph Davis, Davis & MacDonald Law Firm, have represented CB Bank Shares, Inc.
Financial terms of the transaction were not announced. It is expected that the transaction will close late in the fourth quarter of 2009 or early in 2010.
For further information regarding this release please contact Gene Miles at 765-395-3316 or Don Smith at 765-453-9100.
