Thursday, First Farmers Financial Corp. signed a definitive merger agreement with CB Bank Shares, the holding company for Central Bank.
Gene Miles, president and CEO of First Farmers Bank and Trust, said the merger means Central Bank will now be known as First Farmers Bank and Trust.
Headquartered in Converse, First Farmers is a wholly owned subsidiary bank. The transaction combines central Indiana’s two oldest banking institutions.
Financial terms of the transaction were not announced, and Miles said he expects the transaction will close late in the fourth quarter of 2009 or early in 2010.
“This adds to our strength,” said Miles. “[Central Bank] is on the west side of Howard County and it fits in with us.”
Central Bank is headquartered in Russiaville.
“We are very pleased to announce this agreement,” continued Miles. “Our banking philosophy and commitment to community banking in central Indiana fits perfectly with those of Central Bank. We feel that our combined staffs will be in an excellent position to provide comprehensive financial services to clients in the heart of our branch network.
“Like First Farmers, Don Smith [president of Central Bank] and Central Bank are recognized as leaders in furthering the goals of community banking. They have a history of supporting Howard County and central Indiana.”
The acquisition gives First Farmers 20 branches in Indiana, more than $730 million in assets, and gross capital of more than $75 million.
Miles said the merger makes the organization the largest privately held deposit holder in Howard County, with $165 million at five branch locations.
Currently, Central Bank operates two bank locations in Russiaville and Kokomo with assets of $55 million.
“Both Central Bank and First Farmers have upheld the traditions and service expectations of community banking, and our clients will now be able to appreciate a wider variety of bank products without compromising the high degree of personalized service that they now receive,” Smith said.
It was not announced if any work force changes are expected, nevertheless, the merger allows First Farmers to continue doing what it does best: Serving the community’s banking needs, said Miles.
“We expect with the talent we have in place in Howard County, we will continue to exemplify community banking with a premium placed on customer communication and personalized service,” said Miles. “Our strong capital position gives us an excellent opportunity to give this staff the tools to grow our business. We’re excited about the future of our combined operations.”
• K.O. Jackson is the Tribune’s business writer. He can be reached at (765) 854-6739 or via e-mail kirven.jackson@kokomotribune.com
Local News
First Farmers acquires Central
Two locations in Kokomo and Russiaville will be renamed
- Local News
-
-
Delphi retirees continue fight for pensions
A group of then-Delphi Corp. retirees saw a long road ahead of them when they banded in 2009 to keep hold of their full pensions and benefits.
-
Eastern moves ahead on wind turbine
A packed room of remonstrators Tuesday held little sway over the Eastern Howard Schools board, which voted unanimously to move ahead on a $2.75 million wind turbine project.
-
Board: discipline not strict enough
The Medical Licensing Board of Indiana has rejected a proposed resolution to a Russiaville doctor’s disciplinary case, directing the Indiana Attorney General’s Office to propose a more stringent set of requirements.
-
City to end agreement with Novia
City officials said Tuesday they’re planning to switch providers at the city’s employee health-care clinic this spring, ending a year-old relationship with Novia Health Care.
-
Eastern celebrates graduation rate improvement
The latest graduation rates prove all Howard County schools are offering a quality education, a local superintendent said.
That’s how Tracy Caddell, superintendent of the Eastern Howard School Corp., summed up the figures released Tuesday by the Indiana Department of Education.
-
Jail full of females
In late January, cell mates Monica Clark Davis and Christy Miller were awaiting disposition of their respective cases in the Howard County jail.
-
Eastern set for wind turbine meeting
GREENTOWN — Eastern Howard Schools superintendent Tracy Caddell said Monday the school board is considering alternate sites for a proposed wind turbine project, which would build a 287-foot-tall windmill to produce energy for the schools.
-
Chamber cancels cook-off
After an 11-year run, the annual chili cook-off in Kokomo has been canceled for this year.
-
Miami County GOP fails to appoint new trustee
PERU – Miami County commissioners will be forced to appoint a Perry Township trustee after the GOP’s county chairman exceeded the deadline to replace the vacated seat.
-
Students petition to keep daycare at IUK
A group of Indiana University Kokomo students is petitioning the university to reconsider shutting down an on-campus childcare center.
- More Local News Headlines
-
Former Komen Exec Defends Funding Cut
Skip the Coffee Cup and Inhale Your Caffeine Fix
Calif. Gay Marriage Ban Ruled Unconstitutional
Jury Selection for Ex-UVa Athlete Enters 2nd Day
Raw Video: Giants Celebrate Another Super Bowl
Cab Driver Helps Wis. Family Escape House Fire
Greek Leaders Seek Deal As Bankruptcy Looms
Bernanke: Recovery Depends on Consumer Spending
Staff Removed at LA School During Abuse Probe
Eastwood in Super Bowl Ad 'Compassionate'
Stranded Fishermen Rescued From Bay of Green Bay
Analyst: Outside Troops Won't Intervene in Syria
Police: Father Planned Deadly Fire for Some Time
US, UK Pressure on Syria; More Homs Violence
Raw Video: Mass Killer Wants Medal, Freedom
Court Strips Contador of Tour De France Title
Runaway Goat Leads Police on Wild Chase
And the Winner for Best Super Bowl Ad Is...
Romney Latest Poll to Join Let-me-explain Club
