MainSource Bank

Last updated

MainSource Financial Group
MainSource Bank
FormerlyIndiana United Bancorp (1983–2002)
Type Public
Nasdaq: MSFG (2002–2018)
Industry Banking
DefunctApril 2, 2018;5 years ago (2018-04-02)
FateMerged with First Financial Bancorp
Headquarters Greensburg, Indiana, United States
Area served
Indiana, Illinois, Kentucky, and Ohio
Key people
Archie Brown, Jr (President/CEO)
Products Banking and Mortgages
Website Last 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.

Contents

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]

Related Research Articles

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Southern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of June 2021, it is the 10th largest bank with $509 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world with $2.27 billion in annual revenue.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

<span class="mw-page-title-main">Old National Bank</span> American Regional Bank

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois, and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S. Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

<span class="mw-page-title-main">Sky Financial Group</span> Defunct American Bank

Sky Financial Group, Inc., was a diversified financial services holding company that operated in the Midwestern United States from 1998 until its 2008 acquisition by rival bank Huntington Bancshares. Its largest subsidiary was Sky Bank, a commercial and retail banking company headquartered in Salineville, Ohio, that operated 330 financial centers and over 400 ATMs in Ohio, Pennsylvania, Indiana, Michigan and West Virginia. Other wholly owned subsidiaries included investment, trust, and insurance services.

<span class="mw-page-title-main">WSFS Bank</span> American financial services corporation

WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

<span class="mw-page-title-main">First Financial Bank</span> U.S. financial services company

First Financial Bank is a regional bank operated by First Financial Corporation and based in Terre Haute, Indiana. It is the oldest national bank in Indiana and the fifth oldest national bank in the United States. First Financial Corporation is Vigo County's only publicly traded company.

<span class="mw-page-title-main">First Financial Bank (Ohio)</span> Regional bank headquartered in Cincinnati, Ohio

First Financial Bancorp is a regional bank headquartered in Cincinnati, Ohio, with its operations centers in the northern Cincinnati suburb of Springdale, and Greensburg, Indiana. Founded in 1863, First Financial has the sixth oldest national bank charter and has 110 locations in Ohio, Kentucky, and throughout Indiana. First Financial acquired Irwin Financial Corp and its subsidiaries through a government assisted transaction on September 18, 2009.

<span class="mw-page-title-main">Ameris Bancorp</span> Publicly traded banking company

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee.

INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.

<span class="mw-page-title-main">Star Banc Corporation</span>

Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.

<span class="mw-page-title-main">Merchants National Corporation</span>

Merchants National Corporation (MNC) was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institutions at the time it was acquired by Ohio-based National City Corporation in 1992. Its primary subsidiary was the Indianapolis-based Merchants National Bank and Trust Company, which was founded in 1865.

OceanFirst Bank, N.A. is an American regional bank subsidiary of the U.S. financial services holding company OceanFirst Financial Corp founded and headquartered in Ocean County, New Jersey, with operations throughout New Jersey, and in the major metropolitan markets of Philadelphia, New York City, Baltimore, Washington D.C., and Boston.

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 .