MFB, MutualFirst merger clears regulatory hurdle

By Lisa Kerner

Charlotte, N.C., June 27 - The Office of Thrift Supervision approved the merger of MFB Corp. and MutualFirst Financial.

The merger is now subject to a 15-calendar-day waiting period, according to a MutualFirst news release.

Shareholders of both companies approved the deal on June 11.

MFB shareholders have until July 11 to elect to receive 2.59 shares of MutualFirst common stock or $41 in cash, or a combination of both, for each share of MFB common stock, subject to proration.

In January, the companies announced an agreement to merge MFB into MutualFirst in a cash and stock deal valued at about $52.7 million.

MFB Financial, the bank subsidiary of MFB, will merge into Mutual Federal Savings Bank, the bank subsidiary of MutualFirst. This merger will take place concurrently with the merger of MFB into MutualFirst, a prior news release stated.

MutualFirst Financial, based in Muncie, Ind., operates as the holding company for Mutual Federal Savings Bank.

MFB, the holding company for MFB Financial, is located in Mishawaka, Ind.

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