Tuesday, 2 September 2008

MainSource Complete 1st Independence

MainSource Financial Group, Inc. ("MainSource"), has completed the merger of 1st Independence Financial Group, Inc. ("1st Independence") with and into MainSource (the "Merger") effective at 11:59 p.m. on August 29, 2008. As a result of the Merger, 1st Independence's wholly owned subsidiary, 1st Independence Bank, Inc., became the wholly owned subsidiary of MainSource. With total assets of approximately $325 million, 1st Independence Bank operates eight offices in southern Indiana and Kentucky.

Mr. Brown stated, "I want to welcome the employees and customers of 1st Independence to the MainSource family. This merger is important in helping MainSource achieve its objective of strengthening its presence in Southern Indiana. It also provides the company with an entrance into Kentucky. We look forward to continuing to provide 1st Independence's customers the best in community banking with the added benefit of exceptional products and services."

Stockholders of 1st Independence are entitled to receive cash in the amount of $4.418 per share and 0.7849 shares of MainSource common stock for each share of 1st Independence common stock owned by them, subject to the terms of the Merger Agreement.

No comments: