Indiana based FCN Banc signs merger deal with DSA Financial

FCN Bank has signed a merger deal with rival Indiana-based bank holding company DSA Financial to create a major community bank in the south-eastern part of the US state.

Financial terms of the merger were not disclosed.

Based in Brookville, FCN Banc is the parent company of FCN Bank. Established in 1901, FCN Bank currently has $458m (£376.11m) in total assets.

The bank caters to the Brookville, Connersville, Sunman, Batesville communities in Indiana, along with the Harrison community in Ohio.

In addition to its main headquarters in Brookville, it has five branches and a workforce of nearly 100.

DSA Financial is the holding company for the Lawrenceburg-based Dearborn Savings Bank. Founded in 1890, the Dearborn Savings Bank currently holds $131m (£107.58m) in total assets.

The bank serves the Dearborn County community, along with northern Kentucky and Ohio.

Dearborn Savings Bank chairman David Lorey said: “Dearborn Savings Bank has a proud history that stretches back 129 years. We have built our reputation on trust, security, confidence and making a positive difference in our community.

“More, importantly, FCN Bank shares our values and this combination will only enhance the high-level customer service that our customers have come to expect.”

Post-merger, FCN Bank will continue to provide banking services to the communities served by both the banks for more than 100 years.

FCN Bank president and CEO Thomas Horninger said: “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.”

Closing of the FCN Banc, DSA Financial merger

Subject to customary regulatory approval and meeting of closing conditions, the deal is expected to be wrapped up during the first quarter of next year. Following the completion of the merger, two directors from Dearborn Savings Bank will join FCN’s board.