Indiana’s New Independent Bancshares to acquire in-state bank

Charlestown, Ind.-based New Independent Bancshares is acquiring State Bank of Medora, Ind. .The price of the deal has not been announced. The acquisition is expected to close in the second half of this year. By acquiring the $103 million State Bank of Medora, New Independent Bancshares will grow to $725 million in assets and 11 branches in southern Indiana. State Bank of Medora has 15 full-time employees, while New Independent subsidiary New Washington State Bank has more than 100 employees. “For our current customers, this merger broadens our resources and footprint to serve them,” said New Washington State Bank CEO Pat Daily. “For our shareholders, we believe that the transaction will help drive returns through the benefits of scale and a more diversified customer base.” Washington, D.C.-based Olsen Palmer LLC was financial adviser to New Independent Bancshares, while Cincinnati-based Frost Brown Todd LLP is legal counsel to the company. Indianapolis-based Barnes & Thornburg LLP is legal counsel to State Bank of Medora, while Grosse Pointe Woods, Mich.-based Donnelly Penman & Partners is financial advisor.