Old National Bank in Brownstown likely will have a new look and name this summer.
The 1051 W. Spring St. location is set to be acquired by MainSource Bank, and plans are for the changeover to occur by late July or early August.
That’s part of a definitive agreement between the banks. MainSource will take over not only the Brownstown Old National Bank but also branches in Portland, Richmond and Batesville in Indiana and Union City, Ohio.
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The purchase includes a total of $120 million in deposits and approximately $30 million in loans. The acquired deposits are composed of about 81 percent transaction/savings accounts and 19 percent time accounts.
Chris Harrison, senior vice president of branch administration of MainSource Financial Group, said MainSource is currently in an approval process to assume ownership.
“This will continue to help us expand our footprint,” Harrison said. “We’ve expanded into Seymour and have had some pretty strong success. Being in the county seat, this will create an interplay between the two communities.”
MainSource began its presence in Seymour at a temporary location in late 2012. The bank then built its current location at 1130 E. Tipton St., opening its doors in September 2013.
Harrison said the Old National Bank employees will retain their positions and become a part of MainSource. He also said sign changes and remodeling of the building in Brownstown will take place once the switch is completed.
“We may make some changes to the location on a future basis,” he said.
Harrison said the transition will serve all residents of Jackson County and make it more convenient for customers to travel and use the banks in Brownstown and Seymour.
“This will help continue to build up that whole business base in those two markets,” he said.
Archie M. Brown Jr., president and chief executive officer of MainSource Financial Group, said in a news release the company looks forward to welcoming new customers and providing communities with the brand of full-service banking, including traditional checking and savings accounts, mortgage and consumer lending and trust and brokerage services.
MainSource Financial Group is listed on the NASDAQ National Market and is a community-focused financial holding company with assets of approximately $3.1 billion, according to the news release.
The company operates 80 full-service offices in Indiana, Illinois, Kentucky and Ohio through its banking subsidiary, MainSource Bank, headquartered in Greensburg.
Through its non-banking subsidiary, MainSource Title LLC, the company provides various related financial services.