Greensburg-based MainSource Financial Group Inc. (Nasdaq: MSFG) has closed on its acquisition of a Cincinnati bank. The deal for Cheviot Financial Corp. is valued at more than $100 million.
The move added 12 Cincinnati-area locations to MainSource’s footprint in Indiana, Ohio and Kentucky. Jack Smith, who previously served on the Cheviot board of directors, has joined the MainSource board.
Chief Executive Officer Archie Brown says "I am pleased to welcome the employees and customers of Cheviot Savings Bank to MainSource. Like Cheviot, we are a community-focused bank and are significantly involved in the local markets we serve. We believe our approach to banking will provide our new customers with the level of service to which they are accustomed, while delivering a significantly expanded product offering."
MainSource announced the acquisition in November. It came around the same time as it closed a $35 million deal for West Harrison-based MBT Bancorp.
MainSource says it has assets totaling $4 billion and 91 full-service offices throughout the Midwest.