Lizton Financial to Acquire Indiana Business Bank

State Bank of Lizton is a subsidiary of Lizton Financial Corp.

Lizton Financial Corp. has executed a definitive agreement to acquire Indianapolis-based Indiana Business Bancorp. Once the $12.5 million deal is complete, IBB’s subsidiary, Indiana Business Bank, will merge with Lizton Financial’s subsidiary, State Bank of Lizton.

Officials expect the cash transaction to be completed in the third quarter of 2016. The deal is subject to the approval of IBB’s shareholders, regulatory approvals, and other customary closing conditions.

"The team at IBB is well known to us, their expertise and abilities will be a perfect complement to our existing staff," said Michael Baker, chief executive officer of Lizton Financial. "We share a common commitment to community banking, built around local decision making and strong relationship banking. The combination will provide additional products and services for IBB customers, and significantly impact our potential for additional commercial banking growth."

The integration of Indiana Business Bank branches into State Bank of Lizton is expected to be completed in the fourth quarter of 2016.

"We are very excited to continue serving our clients as part of the Lizton family," said James Young, chief executive officer of IBB. "The larger lending capacity and broader product offering will only improve the positive experience our clients have come to expect from Indiana Business bankers. I’ve known Mike Baker for over a decade and I am confident that our shared client-first approach to community banking will result in a smooth transition."

The companies say, based on current financials, their combined assets are worth approximately $440 million.