Lizton Financial and Indiana Business Bancorp (IBB) have signed a definitive merger agreement whereby Lizton will acquire IBB in a cash transaction.
As part of the deal, Indiana Business Bank, a wholly-owned subsidiary of IBB, will merge with State Bank of Lizton, a wholly-owned subsidiary of Lizton. After the completion of the deal, the combined entity will operate as State Bank of Lizton.
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Under the agreement, the shareholders of IBB will receive $7.25 per share in cash, for an aggregate merger consideration of approximately $12.45m.
The deal is expected to be completed in the third quarter of 2016 subject to the approval of IBB’s shareholders, regulatory approvals and other customary closing conditions.
The combined financial institution expects to complete the integration during the fourth quarter of 2016.
Founded in 2004, IBB serves the business banking needs of Central Indiana through a single Northern Indianapolis location. Based upon current financials, Lizton and IBB will have combined assets of approximately $440m.
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By GlobalDataLizton Financial president and CEO Michael Baker said, "The team at IBB is well known to us, their expertise and abilities will be a perfect complement to our existing staff. We share a common commitment to community banking, built around local decision making and strong relationship banking. The combination will provide additional products and services for IBB customers, and significantly impact our potential for additional commercial banking growth."
