MainSource Hits Record Profit Ahead of Merger

Posted: Updated:
(photo courtesy MainSource Bank) (photo courtesy MainSource Bank)
GREENSBURG -

Greensburg-based MainSource Financial Group Inc. (Nasdaq: MSFG) is reporting record full-year net income of $49.4 million in 2017, up from $38.3 million the previous year. Chief Executive Officer Archie Brown says the results are largely due to the bank's acquisition of FCB Bancorp in April.

The parent of MainSource Bank is also reporting record fourth quarter net income of $16.6 million, up from $11.7 million during the same quarter in 2016. Brown says the bank continues to work toward completing its $1 billion merger with Cincinnati-based First Financial Bancorp (Nasdaq: FFBC).

"Our team is fully engaged in integration activities and the process is going very well," said Brown. "We believe the combination with First Financial will create a 'best-in-class' banking company that serves its customers in a very personal way while providing great products. Our goal is for the combined company to achieve top quartile performance for its shareholders."

The merger was first announced in July 2017. Brown says the merger remains on track for completion in the first quarter of 2018, with the integration of the two banks set to be complete in the second quarter. The combined entity will continue under the First Financial brand.

You can connect to MainSource's full earnings report by clicking here.

  • Perspectives

    • Market Volatility - Fodder for Financial Fears

      Fact: The value of the stock market goes up and down.  It’s called “market volatility”.  How concerned should you be with a thousand point change in the index? Since your reaction can impact your personal portfolio, it’s most important that you have a good perspective. Significant price movements in the stock market grabbed headlines and captivated media pundits throughout 2018. The last week of the year the market experienced large price swings...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Indiana Liquor Group to Buy Save-On Liquor Chain

      Indiana Liquor Group LLC will work with the Indiana Alcohol & Tobacco Commission this week for final approval of its purchase of Save-On Liquor stores. Our partners at The Herald Bulletin report Phillip E. Miller agreed to sell the 31-location package store chain to ILG last month. 

    • Books & Brews Acquires Flat12 Bierwerks

      Indianapolis-based Books & Brews has announced its acquisition of Flat12 Bierwerks, also based in Indy. Financial terms of the deal are not being disclosed, however Books & Brews says it will continue to operate Flat12 under the same brand name. The acquisition is a continuation of an existing partnership between the two entities. Books & Brews says Flat12 has been a brewery partner for the past two years, brewing all of B&B's flagship and seasonal beers.

    • New Tourism Director Has Plans For Growth

      The new director of the Indiana Office of Tourism Development says she hopes to create a strategic plan to continue the growth of tourism in the state. Misty Weisensteiner began her new role earlier this month after being appointed by Lieutenant Governor Suzanne Crouch in December. The former executive director of the Orange County Economic Development Partnership says tourism and economic development go hand-in-hand and there needs to be a greater focus on that relationship.

    • Loeb Stadium Project in Final Design Phase

      The $17 million overhaul of Loeb Stadium in Lafayette is in its final planning stages. The Journal & Courier says the overall design of the project is complete, which includes flipping the field, an additional suite and a new entrance designed to be a more visible landmark. Lafayette Mayor Tony Roswarski unveiled plans for the reimagining of the more than 75-year-old stadium in 2017. The city council earlier this month approved a $17 million bond to fund the project.

    • BMWC Constructors Announce Leadership Changes

      Indianapolis-based BMWC Constructors, Inc. continues their strategic growth with leadership changes. Chairman of the Board Jim Davis retired after eight years in the role and after 30 years with the company.  President and Chief Executive Officer Brian Acton will move into the role of Chairman of the Board, while remaining CEO.