INB Financial Corporation
|Indiana National Corporation (1969–1989)|
|Traded as||NASDAQ: INBF|
|Fate||Acquired by NBD Bancorp|
|Founded||1834 as the Second State Bank of Indiana in Indianapolis|
May 12, 1969 as Indiana National Corporation
|Defunct||October 15, 1992|
|Headquarters||Indianapolis, Indiana, United States|
|Total assets||$6.6 billion (1991)|
|Total equity||$462 million (1991)|
INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.
From the mid-1950s through the late 1980s, Indiana National Bank, along with American Fletcher National Bank and Merchants National Bank, was one of the top three largest banks within Indianapolis and its holding company, Indiana National (INB Financial) Corporation, was one of the top three largest bank holding companies within the state, along with American Fletcher Corporation and Merchants National Corporation.
Expansion outside of Marion County
Until July 1, 1985, the state of Indiana did not permit bank branching across county lines nor bank ownership outside the bank holding company's home county. After that date, Indiana allowed very limited branching but allowed the purchased of banks by holding companies anywhere in the state as long as total deposits that were controlled by any holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.
Indiana National Corporation made its first expansion move outside of Marion County by announcing in May 1985, two months before the new cross-county bank laws went into effect, the pending acquisitions of the Lafayette-based Lafayette National Bank for $29.8 million, Delphi-based Union Bank & Trust Co. for $13.2 million, and Carmel-based Fidelity Bank of Indiana for $11.5 million respectively. The acquisition for Lafayette National Bank was completed in November 1985 for $29.8 million while the acquisition for Fidelity Bank was completed in December for $11.5 million and the acquisition for Union Bank was completed in December for $12.9 million.
In June 1985, Indiana National Corporation announced the pending acquisition of the Lowell-based Lowell National Bancorp with its Lowell National Bank subsidiary for $15.2 million. The acquisition was completed in November 1985 for $14.8 million.
In November 1985, Indiana National Corporation announced the acquisition of the deposits and the four branch offices of the failed Leo-based Allen County Bank & Trust Company from the Federal Deposit Insurance Corporation for $2 million. After the acquisition, Indiana National Bank had 45 branch offices in Marion and 4 in Allen County.
In April 1986, Indiana National Corporation announced the pending acquisition of the Jeffersonville-based CommerceAmerica Corporation with its CommerceAmerica Banking Company of Jeffersonville and The Old Capital Bank & Trust Company of Corydon subsidiaries for $73.5 million in stock. The acquisition was completed in August 1986.
By late 1987, Indiana National decided that it would like to expand into Monroe County, but was unable to find a local bank that it could purchase. Indiana bank branching law at that time did not allow the building of full branch offices beyond contiguous counties. To overcome that problem, Indiana National decided to purchase a small bank in an intervening county and use the newly acquired bank in Morgan County to established the desired branches within Monroe County before absorbing the acquired bank in Morgan County. In January 1988, Indiana National Corporation announced the pending acquisition of the Mooresville-based Morgan County Bancorp with its Morgan County Bank & Trust Company subsidiary for $4 million. In November 1988, Indiana National Corporation announced that it planned to open three branch offices in Bloomington in early 1989. The new Bloomington offices were opened a few months later.
To aid the company in its long term goal to expand out of state and to enable the company to have a unified brand identity, the company adopted in April 1989 the INB brand for all business units. Prior to this point, acquired banks maintained their previous identity, many of which were well known in their communities. Indiana National Corporation was renamed INB Financial Corporation, Indiana National Bank became INB National Bank, Lafayette National Bank became INB National Bank, N.W., and CommerceAmerica became INB Banking Company.
In April 1989, the newly renamed INB Financial Corporation announced the pending acquisition of the Bedford-based Citizens Bancshares Corporation with its Citizens National Bank of Bedford subsidiary for $12.6 million. The acquisition was completed in September 1989.
In September 1989, INB Financial Corporation announced the pending acquisition of the Chesterton-based CSB Inc. with its Chesterton State Bank subsidiary for $18.2 million. The acquisition was completed in June 1990 and the acquired bank was renamed INB Banking Company North.
In February 1990, INB Financial Corporation announced the pending acquisition of the Evansville-based Peoples Savings Bank of Evansville for an undisclosed amount. The acquisition was completed in November 1990 and Peoples was renamed the INB Banking Company Southwest.
In June 1990, INB Financial Corporation announced the pending acquisition of the Columbia City-based FL&T Corporation with its Farmers Loan and Trust Company subsidiary for $12 million. The acquisition was completed in January 1991 and Farmers Loan and Trust was renamed the INB Banking Company, Northeast.
In August 1990, INB Financial Corporation announced the pending acquisition of the Salem-based Homestate Bancorp with its State Bank of Salem subsidiary for $6.1 million in cash. The acquisition was completed in March 1991.
In March 1992, Detroit, Michigan-based NBD Bancorp announced the pending acquisition of the Indianapolis-based INB Financial Corporation, the largest Indiana-based bank holding company with its six subsidiary banks, including its flagship bank, Indiana National Bank, the largest Indiana owned bank at the time of the announcement. NBD paid $876 million in stock and the acquisition was completed in October 1992. INB Financial was renamed NBD Indiana and all of the separate INB banks were merge into a single statewide NBD Bank that was headquartered in Indianapolis.
- "NBD Bancorp to acquire INB Financial Corp". United Press International. March 18, 1992.
- "Hamilton County banking suddenly is "Big 3" game". The Indianapolis Star. September 12, 1985. p. 43 – via Newspapers.com.
It's getting harder to tell the difference between banks in Hamilton County and Indianapolis. Two county banks have agreed to be acquired by members of the Indianapolis "Big Three."
- "Holding Company Sought For INB". Indianapolis News. August 14, 1968. p. 4 – via Newspapers.com.
Directors of Indiana National Bank today approved plans to form a holding parent company which would be called Indiana National Corp. and its first investment would be the stock of Indiana National Bank. The bank also proposed a 10 per cent stock dividend on the more than 1.4 million shares of INB stock. Both actions are subject to approval by shareholders and the Controller of the Currency. A holding company operation allows banks and other finance houses to acquire existing companies or form new businesses in the financial field.
- "INB Becomes Subsidiary Of New Holding Company". Indianapolis Star. May 13, 1969. p. 32 – via Newspapers.com.
Officials of Indiana National Bank yesterday announced final clearances have been received for formation of the Indiana National Corporation, which began operation yesterday with Indiana National Bank as its principal subsidiary.
- Koenig, Bill (April 21, 1985). "New cross-county banking law to bring flurry of deals". Indianapolis Star. p. 34 – via Newspapers.com.
The pressure has been building for cross county banking for 17 years. On July 1, a new bank law takes effect, and the lid comes off. And with it comes the job of figuring where everything could land. Already there have been surprises. Small banks generally opposed statewide banking, fearing banks from Indianapolis would gobble them up. But the first acquisition announced after cross-county banking was signed into law last week had a twist - Columbus, Ind., bank concern, Irwin Union Corp., on Friday bought one in Indianapolis, Midwest National Corp. The new law prohibits a holding company from controlling more than 10 percent of the state's deposits on July 1. That figure rises to 11 percent on July 1. 1986, and 12 percent on July 1, 1987. The new law also will enable banks to establish branches in neighboring counties. But that section restricts banks of more than $400 million in assets to setting up two branches in the next five years. Smaller banks have an easier time. Those under $200 million can establish one branch each fiscal year through June 30. 1990. The net effect officials say. is that buying other banks will be the primary method to expand. Despite provisions for limited interstate banking, there are doubts whether Indiana banks will buy banks across state lines and vice versa. Under the new bank law, banks in neighboring states can acquire Hoosier holding companies so long as Indiana banks are able to take over banks in those states. That's known as reciprocity. Currently, only Kentucky has such a law.
- Barnhizer Rivas, Susan & Lewis, David P. (1986). "Senate Enrolled Act No. 1: A New Era of Banking Expansion in Indiana". Indiana Law Review. 19 (1): 115–137 – via IUPUI.
- Koenig, Bill (May 8, 1985). "Bank purchase no surprise to experts". Indianapolis Star. p. 54 – via Newspapers.com.
Indiana National Corp.'s move to purchase three central Indiana banks was swift and stunning. The planned acquisitions were announced just 45 minutes after purchase agreements were signed Tuesday. And overnight Indiana National surpassed American Fletcher Corp.. becoming the state's biggest holding company. The three banks Indiana National bought Lafayette National Bank, Union Bank & Trust Co. in Delphi and Fidelity Bank of Indiana in Carmel together control $406.1 million in deposits.
- Koenig, Bill (May 8, 1985). "Indiana National agrees to buy Carmel bank 2 others in state". Indianapolis Star. p. 1 – via Newspapers.com.
Indiana National Corp. will buy three central Indiana banks, including the troubled Fidelity Bank of Indiana in Carmel. officials said Tuesday. The Indianapolis bank holding company will pay about $54 million for the three banks. Besides Fidelity, Indiana National agreed to purchase Lafayette National Bank and Union Bank & Trust Co. in Delphi. Of the three banks, Layfayette National and Union Bank were both profitable last year. Fidelity lost $400,000 in 1984, following losses of $6.5 million the year before. As a result, Indiana National will now have holdings in fast growing Hamilton County as well as rich agricultural areas of neighboring Tippecanoe and Carroll counties. It was the first announced acquisition by one of three major Indianapolis bank companies since the Indiana General Assembly legalized multibank holding companies last month. The cross-county banking law takes effect July 1, though several transactions have been announced in advance of that date.
- "Banks". Indianapolis Star. May 8, 1985. p. 11 – via Newspapers.com.
Indiana National is paying about $11.5 million for Fidelity. In the other deals, the Indianapolis bank company is paying $29.8 million in cash or Indiana National stock for Lafayette National and $13.2 million in cash for Union Bank & Trust.
- "Indiana National Says It Will Buy 3 Banks For $54 Million Total". Wall Street Journal (Eastern ed.). May 9, 1985. p. 1.
Indiana National Corp. said it agreed to buy three smaller Indiana banks for a total of $54 million. The purchases would be the bank holding company's first acquisitions under recently passed state legislation allowing banking concerns to own banks statewide... Under the new banking law, an institution can hold no more than 10% of the state's deposits. Indiana National, with assets of about $3.4 billion, said that it already holds about 6.4% and that these purchases would boost that to more than 7%.Alternate Link via ProQuest.
- "Indiana National completes merger". Indianapolis Star. November 2, 1985. p. 20 – via Newspapers.com.
Indiana National Corp. announccd Friday that the acquisition of Lafayette National Bank has been completed. The merger with the Lafayette bank was announced In May. The two banks were correspondent banks. Indiana National paid $29.8 million for 200,000 shares of Lafayette National Corp. stock, or $149 per share. Indiana National paid for the merger by Issuing 408,243 shares of stock, valued at $47,825 per share, and with $10.3 million in cash.
- "Bank acquisition is complete". Indianapolis Star. December 17, 1985. p. 33 – via Newspapers.com.
Also Monday, Indiana National Corp. completed its purchase of Fidelity Bank of Indiana in Carmel. The deal was announced earlier this year, with Indiana National paying $11.5 million.
- "Indiana National Purchase". Wall Street Journal (Eastern ed.). December 17, 1985. p. 1.
Indiana National Corp. said it completed its acquisition of Fidelity Bank of Indiana, Carmel, for $11.5 million.Alternate Link via ProQuest.
- "Union Bank acquisition finalized". Indianapolis Star. December 28, 1985. p. 31 – via Newspapers.com.
Indiana National Corp.'s acquisition of Union Bank & Trust Co. of Delphi has been completed. Closing agreements were signed Friday. Indiana National announced. Union Bank was purchased for $12.9 million. Union Bank shareholders are to receive $107.50 in cash for each share of their stock. On Sept. 30 Union Bank reported assets of $66.7 million. Indiana National listed assets of $3.5 billion on the same date. The acquisition is Indiana National's fourth since the state's banking laws were changed this year to allow bank holding companies to own banks in more than one county. The others were Lafayette National Bank in Lafayette, Lowell National Bank in Lowell and Fidelity Bank of Indiana in Carmel.
- "Indiana National Corp". Wall Street Journal (Eastern ed.). December 30, 1985. p. 1.
Indiana National Corp. said it completed its previously announced acquisition of Union Bank & Trust Co. of Delphi, Ind., for $12.9 million.Alternate Link via ProQuest.
- "INB agrees to acquire bank in Lake County". Indianapolis Star. June 15, 1985. p. 11 – via Newspapers.com.
Indiana National Bank will acquire Lowell National Bank of Lowell, Ind., it was announced Friday. Under terms of the agreement, Lowell National will become a subsidiary of Indiana National Corp.
- "Indiana National Corp. Agrees to Purchase Lowell National Bank". Wall Street Journal (Eastern ed.). June 18, 1985. p. 1.
Indiana National Corp. said it agreed to purchase Lowell National Bank from Lowell National Bancorp. Lowell National Bancorp would be merged into Indiana National following the acquisition, Indiana National said. Indiana National, a bank holding company, said that if the transaction is completed by year end, as expected, the purchase price for the Lowell, Ind., bank will be equal to 140% of shareholders equity at the time of the closing, up to a maximum of $64 a share. Lowell National Bancorp has 237,163 shares outstanding and assets of $104.9 million. A purchase price of $64 a share would make the total $15.2 million.Alternate Link via ProQuest.
- "Indiana Business". Indianapolis Star. November 29, 1985. p. 6 – via Newspapers.com.
Indiana National Corp. said its acquisition of Lowell National Bank in Lake County is final. The bank will operate as a unit of Indiana National and retain its name. Purchase price was $14.8 million.
- "Indiana National Acquires Bank". Wall Street Journal (Eastern ed.). November 29, 1985. p. 1.
Indiana National Corp. said it completed the acquisition of Lowell National Bank, Lowell, Ind., for $14.8 million. The bank holding company said the acquisition furthers its strategic plan to expand in selected market areas throughout Indiana.Alternate Link via ProQuest.
- Bourne, Phyllis (November 23, 1985). "Indiana National buys Allen Bank". Fort Wayne News Sentinel.
The offices of Allen County Bank & Trust Co. re-opened today as branch offices of Indianapolis-based Indiana National Bank. Declared "unsafe and unsound" by the state, the financially-troubled Allen County Bank was purchased late Friday by Indiana National. The 151-year-old Indiana National paid the Federal Deposit Insurance Corp. $2 million to assume the Allen County Bank's deposits, said Jeff Hittler, senior public relations representative of Indiana National Bank... With the Allen County Bank acquisition, Hittler said Indiana National Bank now has 49 branches in Marion and Allen County. The bank also has merged with Lafayette National Bank in Lafayette, Ind., which kept its name. By the end of the year, Hittler said, three other banks also will become affiliates. They are Lowell National Bank in Lowell, Ind., Fidelity Bank of Indiana in Carmel, Ind., and Union Bank & Trust in Delphi, Ind.
- Thompson, Jim (April 1, 1986). "Indiana National makes bid for bank". Courier-Journal. p. 1 – via Newspapers.com.
Indiana National Corp., the largest bank-holding company in Indiana, yesterday announced a merger agreement with CommerceAmerica Corp. of Jeffersonville. Indiana National, based in Indianapolis, said it will exchange stock worth $73.5 million for the 1.3 million shares of CommerceAmerica. The agreement must be approved by shareholders of both companies as well as by regulatory authorities. CommerceAmerica is the fifth-largest bank-holding company in the Louisville area and 15th-largest in Indiana. It owns CommerceAmerica Banking Co. of Jeffersonville and The Old Capital Bank & Trust Co. of Corydon, which have combined assets of $446.1 million. The two banks have 17 offices in Clark and Harrison counties. The agreement calls for the two banks to become subsidiaries of Indiana National Corp., while retaining their present identities.
- "Indiana Business". Indianapolis Star. August 30, 1986. p. 24 – via Newspapers.com.
Indiana National Corp. said its acquisition of Commerce-America Corp. was completed Friday. The bank company, with assets of S467 million, owns Commerce America Banking Co., Jeffersonville. and Old Capital Bank and Trust, Corydon. They become the fifth and sixth banks acquired by Indiana National in the past year.
- "Indiana National Purchases CommerceAmerica Corp". Wall Street Journal (Eastern ed.). September 2, 1986. p. 1.
Indiana National Corp. said it completed its acquisition of CommerceAmerica Corp. Indiana National, a bank holding company, said it gave CommerceAmerica holders .75625 common share for each of their shares. CommerceAmerica had about 2.7 million shares outstanding, indicating the transaction's value was $81 million... CommerceAmerica is the parent of CommerceAmerica Banking Co. of Jefferson, Ind., and Old Capital Bank & Trust Co. of Corydon, Ind.Link via ProQuest.
- "Indiana National buys Mooresville bank". Fort Wayne News Sentinel. January 27, 1988.
The parent of Indiana National Bank today said it will acquire Morgan County Bancorp in Mooresville. Indiana National will pay nearly $4 million - or $95 per share - to Morgan County Bancorp stockholders. The banking company has assets of $27.5 million and is parent to Morgan County Bank & Trust Co.
- Werth, Brian (November 2, 1988). "Indiana National Bank to open in Bloomington". Bloomington Herald-Times.
Indiana National Bank, the state's largest bank, will open three branches in Bloomington early next year, including a main branch office in the Fountain Square development downtown in the former Monroe County Jail. The other locations will be in the new Shoppes retail center in the College Mall area, and at 2385 S. Walnut St., south of Bloomington High School South. Though construction at the sites has been under way for several weeks, the full-service bank branches will not open until at least Feb. 15... With changes in state banking law that allow opening branches in contiguous counties, many banks in Indiana in recent years have purchased smaller banks or branched out to adjoining counties. To get to Monroe County from Indianapolis, however, Indiana National had to either buy an institution in Bloomington - as Bank One did two years ago when it bought Bloomington's largest bank, First National - or buy a bank in Morgan County and then open a branch in adjacent Monroe County. Last spring, Indiana National chose the second option, purchasing Morgan County Bank of Martinsville. Since then, Indiana National has been trying to complete that deal and get approval from the Indiana Department of Financial Institutions for opening Indiana National branches in Bloomington, without having to use the Morgan County name. That means the name of the Morgan County facilities will have to be changed to Indiana National early next year. French said today that Indiana National's plan is to merge Morgan County Bank with Indiana National after Jan. 1 and then open the Bloomington branches with the Indiana National name. "These will be direct branches of Indiana National, with all the services," said Mark Petterson, vice president and regional manager of branch banking at Indiana National... Indiana National is the state's largest bank, followed by Bank One, Indiana; and Merchants National. All three are based in Indianapolis.
- "Bank dedication". Bloomington Herald-Times. April 7, 1989.
Thursday at the dedication of Indiana National Bank's downtown Bloomington branch. INB has three full-service branches in Bloomington: in the former Monroe County Jail that is part of the Fountain Square development, in the Shoppes center south of College Mall and at 2421 S. Walnut St. Miller said INB's entrance into the Bloomington market was "a natural" because of the area's strong population and employment growth.
- "Indiana National Bank changes name". Indianapolis Star. November 17, 1988. p. 21 – via Newspapers.com.
In an apparent effort to ease its way into out-of-state banking markets, Indiana National Bank announced Wednesday that it will change its name to INB National Bank. "While the Indiana marketplace always will be a priority for us, we believe it's an advantage to eliminate the geographic reference in our name as we look toward future expansion outside of the state," said Thomas M. Miller, chairman of Indiana National Corp. The change, effective April 1989, will affect all of the bank and bank-related affiliates of Indiana National Corp., INB's parent company. For instance, Lafayette National Bank will become INB National Bank. Indiana National Corp. will become INB Financial Corp., if shareholders OK the idea at INB's annual meeting April 25. Andrew J. Paine, president of INB, said the name change will allow INB affiliates to share a common name for signage, advertising and announcements. INB said customers are expected to adapt easily because the bank has long been referred to as INB. The signage conversions are expected to be completed by midsummer 1989. He said it creates a common identity for all the banks in addition to the common colors and use the bison logo.
- "INB Financial Corp". Wall Street Journal (Eastern ed.). April 27, 1989. p. 1.
Emerson Kampen, chairman, president and chief executive officer of Great Lakes Chemical Corp., and Raymond F. Kennedy, a group president at Masco Corp., were named directors of this bank holding company, formerly Indiana National Corp., filling vacancies.Alternate Link via ProQuest.
- "INB to buy bank in Bedford - Offices into INB National bank branches has been announced". Bloomington Herald-Times. April 20, 1989.
A purchase agreement to turn Citizens National Bank of Bedford offices into INB National bank branches has been announced by Indiana National Corp. Indiana National will pay $12.6 million, $109 per share, to buy Citizens Bancshares, parent company of The Citizens National Bank of Bedford. Citizens National had assets of $120 million at the end of 1988. It has two offices and a remote drive-up facility in Bedford.
- "Indiana National buyout of Citizens National Bank of Bedford complete". Bloomington Herald-Times. September 30, 1989.
INB Financial Corp. announced Friday it has completed the acquisition of Citizens Bancshares Corp... Citizens Bancshares Corp. is the parent company of The Citizens National Bank of Bedford. Headquartered in Bedford, Citizens Bancshares reported 1988 year-end assets of $120 million. INB has purchased all outstanding shares of Citizens Bancshares' common stock. Effective Friday, Citizens National Bank will be merged with INB National Bank, Indianapolis, and its existing offices will operate as INB branch banking centers.
- "INB Completes Acquisition". Wall Street Journal (Eastern ed.). October 2, 1989. p. 1.
INB Financial Corp. said it completed the acquisition of closely-held Citizens Bancshares Corp. for $12.6 million. Citizens Bancshares, which is the parent of Citizens National Bank of Bedford, Ind., had 1988 assets of $120 million.Alternate Link via ProQuest.
- Moyer, Terri L. & Shackelford, Frank A. (September 5, 1989). "INB Financial Corp. to Acquire CSB Inc". Business Wire (Press release). p. 1.
INB Financial Corp. (NASDAQ:INBF) and CSB Inc. Tuesday jointly announced the signing of a letter of intent whereby CSB Inc., parent company of Chesterton State Bank, will merge with INB Financial Corp. Common shares of INB Financial Corp. stock valued at $18,170,000 will be exchanged for all 5,250 outstanding shares of series A and series B preferred and common shares of CSB Inc.Link via ProQuest.
- "INB Financial Acquisition Plan". Wall Street Journal (Eastern ed.). September 6, 1989. p. 1.
INB Financial Corp. said it signed a letter of intent to acquire closely held CSB Inc. for stock valued at $18.2 million. INB Financial, a multibank holding company, had assets of $5.87 billion as of June 30. CSB, based in Chesterton, Ind., is the parent of seven-branch Chesterton State Bank and has assets of about $135 million.Alternate Link via ProQuest.
- "Business Record: INB Financial Corp". Indianapolis Star. June 5, 1990. p. 24 – via Newspapers.com.
INB Financial Corp. has finalized its $16.4 million purchase of CSB Inc. of Chesterton. CSB is the parent company of Chesterton State Bank, which operates eight offices in Porter County.
- "INB Financial finalizes merger". Times of Northwest Indiana. May 31, 1990.
- "Chesterton Bank Is Renamed INB". Post-Tribune. June 21, 1990. p. B13.
Chesterton State Bank has officially become INB Banking Company North.
- Moyer, Terri & Shackelford, Frank (February 23, 1990). "INB to Acquire Evansville Bank". Business Wire (Press release). p. 1.
INB Financial Corp. (NASDAQ:INBF) and the Peoples Savings Bank of Evansville, Ind., Friday jointly announced the signing of a definitive agreement whereby Peoples will convert from an Indiana-chartered, FDIC-insured mutual savings bank to a stock, state-chartered commercial bank and will then merge with an INBF subsidiary. Following the merger, Peoples will change its name to INB Banking Co. Southwest... INB Financial Corp., headquartered in Indianapolis, is Indiana's largest, independent multi-bank holding company. The corporation is parent of INB National Bank, Indianapolis; INB National Bank, Northwest, Lafayette and INB Banking Co., Jeffersonville. Two additional acquisitons, CSB Inc. (parent of Chesterton State Bank in Chesterton, Ind.) and Peoples Mid-Illinois Corp. (parent of The Peoples Bank in Bloomington, Ill.) are pending.Link via ProQuest.
- "Bank purchased". Kokomo Tribune. November 15, 1990. p. 14 – via Newspapers.com.
Closing documents have been signed for INB Financial Corp.'s purchase of Peoples Bank of Evansville following the southern Indiana institution's conversion to a commercial bank. The merger agreement required Peoples, which had 1989 year-end assets of $135 million, to convert from a state-chartered, mutual savings bank to a stock, state-chartered commercial bank, INB said. Peoples distributed a surplus of $5.9 million to eligible depositors before INB bought 435,000 shares of Peoples stock at $20 each for a capitalization of $8.7 million, INB said. Peoples has been renamed the INB Banking Co. Southwest and is the fourth-largest bank in Vanderburgh County. It operates seven offices and has a 4.7 percent share of that county's $2.5 billion in total assets, the parent company said. INB is the state's largest independent multi-bank holding company. It also has acquisitions pending in Salem and Columbia City.
- "INB Financial Corp. and FL&T Financial Corp. signed a letter of intent to". Times of Northwest Indiana. June 9, 1990.
- "Indiana bank acquisition: INB Financial Corp., Indiana's..." Chicago Tribune. January 8, 1991.
- "Business Record: INB Financial Corp". Indianapolis Star. January 8, 1991. p. 24 – via Newspapers.com.
INB Financial Corp. has acquired FL&T Corp., the parent company of The Farmers Loan and Trust Co. of Columbia City. FL&T reported 1990 assets of $81 million. Under terms of the agreement signed Friday, FL&T shareholders received S300 for each share of their stock, payable either In cash or shares of INB Financial Corp. common stock. The 40,000 FL&T common shares outstanding are valued at $12 million. The Farmers Loan and Trust Co. is the second-largest bank in Whitley County. Farmers operates two banks and by midyear will change Its name to INB Banking Co., Northeast.
- "Inbf Of Indianapolis, Salem Bank Firm Announce Merger". Post-Tribune. August 25, 1990. p. B5.
INB Financial Corp. of Indianapolis and Homestate Bancorp Inc. on Friday announced an agreement that would merge Homestate, parent of The State Bank of Salem, into INB Financial Corp... INB will pay $6.1 million in cash to acquire all outstanding shares and warrants of Homestate Bancorp.
- "INB Completes Acquisition Of Salem Bank". Logansport Pharos-Tribune. March 19, 1991. p. 12 – via Newspapers.com.
INB Financial Corp. has completed its purchase of Homestate Bancorp Inc., parent of The State Bank of Salem, the second-largest bank in Washington County. Closing documents were signed in the $6.1 million cash acquisition of all outstanding shares and warrants of Homestate, INB announced. Homestate operated banking centers in Salem and Hardinsburg. It had year-end assets of $73.7 million. The State Bank was taken over by Homestate in 1986. INB, the largest Indiana-based multi-bank holding company, also operates affiliates in Indianapolis, Lafayette, Jeffersonville, Chesterton. Evansville and Fort Wayne.
- Quint, Michael (March 19, 1992). "NBD Bancorp of Detroit Agrees to Buy Indiana Bank". New York Times.
- "Deal Will Make NBD Indiana Bank Force". Chicago Tribune. March 19, 1992.
- "NBD Shareholders OK Merger Joining with INB Financial Would Make NBD the Largest Bank In Indiana". Fort Wayne News Sentinel. September 18, 1992. p. 8S.
NBD Bancorp Inc. shareholders yesterday overwhelmingly approved an $876 million merger with INB Financial Corp., a stock swap announced in February.
- "NBD Completes Buy of INB Financial". Fort Wayne News Sentinel. October 15, 1992. p. 8S.
NBD Bancorp today completed its acquisition of INB Financial Corp, bank officials announced... INB Financial, based in Indianapolis, is now part of NBD Indiana, the Indiana subsidiary of NBD Bancorp, based in Detroit. The merger now makes Summit Bank and the INB Banking Co. Northeast, both based in Fort Wayne, a part of the same company.