MainSource Reports Profit, New Lead Director

(photo courtesy MainSource Bank)

Greensburg-based MainSource Financial Group (Nasdaq: MSFG) is reporting full-year net income of $38.3 million in 2016, up from $35.5 million the previous year. The MainSource Board of Directors has also appointed Kathleen Bardwell lead director.

The parent of MainSource Bank is also reporting fourth quarter net income of $11.7 million, up from $9.1 million during the same period in 2015. Chief Executive Officer Archie Brown says the bank’s organic loan growth combined with the successful integration of the $100 million acquisition of Cincinnati-based Cheviot Financial Corp. contributed to the positive results.

Brown says the previously-announced agreement to acquire Louisville-based FCB Bancorp Inc. will add to the bank’s success.

"This acquisition strengthens our presence in the Louisville MSA by adding seven branch offices with approximately $400 million in deposits and positions us with a top ten market share. We have begun the work with FCB employees to ensure a successful merger which we anticipate will occur in the second quarter of 2017."

Kathleen Bardwell succeeds Charles Thayer as lead director for the MainSource board. Thayer, who has served on the board since 2011, will retire in May.