Acquisition Activity |
6 Months Ended | |
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Jun. 30, 2015 | ||
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| Business Combination Disclosure [Text Block] |
Note 3 Acquisition Activity
On March 20, 2015, the Bancorp announced that the Bank signed a definitive agreement to acquire Liberty Savings Bank, FSB (“Liberty”), a federally chartered mutual savings association based in Whiting, Indiana, with three branch offices in Lake County Indiana. On July 1, 2015, the Bank successfully completed the acquisition of Liberty. The Bank acquired Liberty by merging Liberty with and into the Bank immediately following Liberty’s voluntary supervisory conversion to stock form. The Bank did not issue or pay any shares, cash, or other consideration in the merger. As of June 30, 2015, Liberty reported total assets of $58.5 million, total loans of $29.6 million, and total deposits of $55.6 million. The combined bank has approximately $870.7 million in total assets, $534.9 million in loans, and $724.3 million in deposits. The acquisition expands the Bank’s banking center network into Whiting and Winfield, Indiana.
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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