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In Indiana, MutualFirst buying Universal Bancorp for $65.6M

Oct 05, 2017 - SNL Financial

In Indiana, Muncie-based MutualFirst Financial Inc. will acquire Bloomfield-based Universal Bancorp for approximately $65.6 million in cash and stock, based on the buyer's closing stock price of $39.30 on Oct. 2.

Under the deal, each Universal share may be exchanged for 15.6 MutualFirst common shares, plus $250.00 in cash.

Universal's subsidiary BloomBank will merge into MutualBank, creating a combined company with $2 billion in assets and 40 branches. BloomBank had $398.3 million in...