MainSource Financial Group
MainSource Bank
FormerlyIndiana United Bancorp (1983–2002)
TypePublic
Nasdaq: MSFG (2002–2018)
IndustryBanking
DefunctApril 2, 2018 (2018-04-02)
FateMerged with First Financial Bancorp
HeadquartersGreensburg, Indiana, United States
Area served
Indiana, Illinois, Kentucky, and Ohio
Key people
Archie Brown, Jr (President/CEO)
ProductsBanking and Mortgages
WebsiteLast version of website prior to merger

MainSource Bank was a community bank located in Greensburg, Indiana. The company was the operating subsidiary of the MainSource Financial Group. It operated banks in Indiana, Illinois, Kentucky, and Ohio.[1] On May 25, 2018, all MainSource locations closed as part of the acquisition by First Financial Bancorp. Most locations reopened May 29, 2018 as First Financial Bank locations, but some locations remained closed if there was a redundant location nearby.

The United States Treasury purchased $57 million in shares of MainSource Financial Group under the Troubled Asset Relief Program. The Treasury sold all of its shares in the company in March 2012.[2]

History

Indiana United Bancorp was formed in 1983 by Robert Hoptry and Howard Sanders with the sole purpose of acquiring the financially troubled Union Bank and Trust Co. of Greensburg. Hoptry and Sanders were former executives who were ousted from a Kentucky bank after losing in an internal struggle for control of the Kentucky bank.[3][4] Under Hoptry's leadership, Indiana United Bancorp grew by acquiring other banks as soon as the state of Indiana started to loosen banking restrictions that required banks and bank holding companies to refrain from operating beyond certain geographical restrictions.[5]

In February 2002, Indiana United Bancorp announced plans to consolidating the holding company's many separate banking units throughout the state of Indiana that operated under various names into a single bank to be named MainSource Bank, starting with the merger of the two largest units, People's Trust Co. of Brookville, and Union Bank of Greensburg in March to form an operating unit with 35 banking offices in 14 Indiana counties.[6] The other subsidiary banks were also merged into MainSource as soon as the necessary regulatory approvals were obtained. At the same time, it was announced that the name of holding company was going to be changed to MainSource Financial Group, which was completed in May with its Nasdaq trading symbol changed from IUBC to MSFG.[7]

In March 2005, MainSource Financial Group announced the pending acquisition of the Madison-based Madison Bank & Trust Company from National City Corporation for an undisclosed amount.[8][9] The acquisition was completed in August 2005.[10]

As a prelude to retirement, Hoptry relinquished his positions as president and CEO to Archie Brown in 2008 while retaining his post as chairman.[11] Brown eventually became chairman in 2011.[12]

In the early 2010s, MainSource Financial Group expanded into new territories within Southern Indiana by opening new branches in Columbus, Seymour and Bloomington.[13]

In early 2016, MainSource expanded into the Cincinnati market by acquiring Cheviot Savings Bank.[14] Cheviot locations closed at the end of May 2016, and reopened as MainSource locations.

In July 2017, MainSource Financial Group and First Financial Bancorp entered into a definitive merger agreement. MainSource is expected to merge into First Financial in the first quarter of 2018.[15] To allow the merger to proceed, the Department of Justice required that MainSource to sell one branch in Greensburg and four branches in Columbus, all in Indiana. Those branches were sold to German American Bancorp in February 2018.[16]

The merger of MainSource and First Financial was made official on April 1, 2018, with branches converted to First Financial branding on May 29, 2018. [17]

References

  1. ↑ "MainSource Financial Group Company Profile". Reuters. Archived from the original on March 4, 2016. Retrieved April 3, 2012.
  2. ↑ Eigelbach, Kevin (March 29, 2012). "U.S. Treasury Selling MainSource Shares at Discount". Louisville Business First. Retrieved May 30, 2012.
  3. ↑ "Bankers Offer Aid". Kentucky New Era. June 8, 1963. p. 17 – via Google Books.
  4. ↑ "Indiana United Bancorp 10-Q". U.S. Securities and Exchange Commission. June 30, 1996.
  5. ↑ "Small banks strive for balance in merger age". Toledo Blade. Wall Street Journal. September 1, 1998. p. 28 – via Google Books.
  6. ↑ "Indiana United to merge subsidiaries, change name to MainSource". Louisville Business First. February 18, 2002.
  7. ↑ "Indiana United approves name change at annual meeting". Louisville Business First. April 26, 2002.
  8. ↑ Vlerebome, Peggy (March 10, 2005). "National City sells Madison Bank and Trust - to MainSource". Madison Courier. Employees of Madison Bank and Trust Co. were informed this morning that National City will sell their bank to MainSource Financial Group. Madison Bank and Trust didn't fit into National City's "branding," a National City executive said in the transaction announcement issued by MainSource... Madison Bank and Trust Co. became a wholly owned subsidiary of National City with National City's acquisition of Merchants National Corp. in 1991. "Since then, they have maintained the Madison identity, operating under a separate charter," James Hughes, National City's executive vice president, retail branch network, said in the Web site posting.
  9. ↑ "MainSource Financial Group and The Madison Bank and Trust Announce Definitive Agreement". Marketwired (Press release). March 10, 2005.
  10. ↑ "MainSource Financial Group Acquires The Madison Bank and Trust Company". Marketwired (Press release). August 29, 2005.
  11. ↑ "MainSource Financial Group names new president". Louisville Business First. July 25, 2008.
  12. ↑ "MainSource Financial Group Schedule 1A". U.S. Securities and Exchange Commission. March 23, 2012.
  13. ↑ Ladwig, Boris (May 21, 2014). "MainSource's careful expansion boosts profits". Greensburg Daily News. In the last few years, as it emerged from the recession (and a loss of $65 million in 2009), the bank opened three branches in Columbus between 2010 and 2012, extended its reach into Seymour and opened a branch in downtown Indianapolis in late 2012. Last year, the bank opened a full-service branch in Bloomington and added commercial banking team in Louisville. A full-service branch in Louisville is planned for this year, and another for Bloomington in 2015.
  14. ↑ Tweh, Bowdeya (November 24, 2015). "Cheviot Savings Bank sold for $107M". The Cincinnati Enquirer.
  15. ↑ "MainSource merging into First Financial Bank". Daily Reporter (Greenfield, Indiana). July 26, 2017.
  16. ↑ Heath, Joshua (February 14, 2018). "MainSource branches sold Bancorp". Greensburg Daily News.
  17. ↑ Brown, Alex (April 2, 2018). "MainSource Completes Merger with First Financial". INside Indiana Business.
  • Official website
    • Historical business data for MainSource Bank:
    • SEC filings
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