MainSource Hits Record Profit Ahead of Merger

(photo courtesy MainSource Bank)

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.