MFB of Mishawaka to merge with Muncie-based MutualFirst

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MFB of Mishawaka to merge with Muncie-based MutualFirst

By Tiffany Griffin

Story Created: Jan 8, 2008 at 1:07 PM EST

Story Updated: Jan 8, 2008 at 1:07 PM EST

MISHAWAKA — Muncie-based MutualFirst Financial announced Tuesday it has signed a definitive agreement to merge with Mishawaka-based MFB Corp., parent of MFB Financial, for about $52.7 million in a cash-and-stock deal.

Under the deal, MFB Corp. shareholders would have a choice of receiving 2.59 shares of MutualFirst common stock or $41 in cash, or a combination of both, for each share of MFB stock held by them.

While the merger was approved by the boards of directors of both companies, it still is subject to approval by the shareholders of both financial institutions, as well as regulatory approvals and conditions.

MutualFirst said the merger could be completed late in the second quarter of this year.

MFB Financial, a $510 million bank founded in 1889 as Mishawaka Building and Loan, serves the Michiana area through its 14 locations mainly in St. Joseph and Elkhart counties.

MutualFirst, which was also founded in 1889 as MFS Financial in Muncie, has $967 million in assets and operates 21 offices primarily in northeastern Indiana.

Courtesy of The South Bend Tribune

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