Indiana-based lenders FCN Banc and DSA Financial have agreed to combine their businesses.
Under the agreement, DSA subsidiary Dearborn Savings Bank will merge with and into FCN Banc subsidiary FCN Bank.
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FCN Banc has a presence in Brookville, Connersville, Sunman, Batesville Indiana, and Harrison, Ohio communities. It has $458m in assets under management.
Dearborn Savings Bank has a reach in Lawrenceburg, northern Kentucky, as well as Ohio. The bank oversees $131m in assets.
The merger is said to result in the creation of the largest community bank in southeastern Indiana.
The deal is pending regulatory approval, with completion anticipated in the first quarter of next year.
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By GlobalDataAs part of the deal, two Dearborn Savings Bank directors will gain seats on the FCN board.
FCN Bank president and CEO Thomas Horninger said: “Today as community banks face ever-increasing challenges to remain independent, it is exciting to see our institutions combine to face these challenges together.
“There is such a commonality between FCN and Dearborn Savings Bank in our cultures, and our commitments to serve our customers and communities.
“Together we can continue to offer great products and service options, along with experienced bankers to compete with the bigger banks, while still maintaining the community values that our customers have grown accustomed to.”
