MutualFirst completes MFB acquisition

By Devika Patel

Knoxville, Tenn., July 18 - MutualFirst Financial, Inc. said it completed its acquisition of MFB Corp.

MFB Financial, the bank subsidiary of MFB, was merged into MutualFirst's bank subsidiary, Mutual Federal Savings Bank.

MutualFirst will issue 2.9 million common shares and pay approximately $11.5 million in cash in the transaction.

MFB stockholders who elected to receive stock or who did not make an election will receive the stock consideration, consisting of 2.59 MutualFirst common shares for each MFB share, plus cash instead of any fractional MutualFirst shares.

As a result of prorations, MFB stockholders who elected to receive cash will receive the cash consideration, consisting of $41 per share, for 25.1417% of their MFB shares and the stock consideration for 74.8583% of their MFB shares.

All MFB Financial offices will open Monday as Mutual Bank financial centers.

The combined company has total assets of nearly $1.5 billion.

MutualFirst Financial is based in Muncie, Ind., and MFB is located in Mishawaka, Ind.

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