LIZTON, Ind. and INDIANAPOLIS, Oct. 21, 2016 (GLOBE NEWSWIRE) -- Lizton Financial Corporation (“Lizton”) and Indiana Business Bancorp (OTCQB:IBBI) (“IBB”) announced the completion of Lizton’s acquisition of IBB today. In this transaction, Indiana Business Bank, a wholly-owned subsidiary of IBB, was merged with State Bank of Lizton, a wholly-owned subsidiary of Lizton. The combined bank will operate as State Bank of Lizton. The transaction was approved by IBB shareholders and regulators.
Originally founded in 1910, Lizton is a locally owned, independent commercial bank holding company serving nine communities in Central Indiana through eleven locations. Founded in 2004, IBB has served the business banking needs of Central Indiana through a single Northern Indianapolis location. All IBB customers will be served by the 11 State Bank of Lizton physical locations after closing of the IBB location on October 21. Based upon current financials, the combined financial institution will have assets of approximately $440 million.
Michael L. Baker, President and Chief Executive Officer of Lizton Financial Corporation, said,
“We have spent months preparing for the integration of the two banks and we are confident that the IBB customers will experience a smooth transition of their business to State Bank of Lizton. We are excited to welcome them to our family of customers and to welcome the employees of IBB to State Bank of Lizton also. They will complement our existing staff and help us build even more expertise to serve our growing customer base.”
James S. Young, President and Chief Executive Officer of Indiana Business Bancorp, stated,
“We are very excited to continue serving our clients as part of the Lizton family. We want to assure our valued customers that we will still be here to serve them just as we have been before, even our phone numbers will remain the same. However, our capacity to serve our customers will be expanded now and our customers can expect a broader array of banking products, services and technology."
State Bank of Lizton is an independently owned and operated community bank with 11 full service locations throughout Hendricks and Boone Counties with offices in Avon, Brownsburg (2), Plainfield, Lizton and Pittsboro in Hendricks County and in Lebanon (2), Zionsville, Jamestown and Dover in Boone County. State Bank of Lizton offers a full line of personal and commercial banking services. To learn more, you may visit any SBL location, call 866-348-4674 or find us on the web at www.statebankoflizton.com.
Forward Looking Statement
This press release contains certain forward-looking statements. These statements include, but are not limited to, the respective descriptions of IBB and Lizton’s financial condition, results of operations, asset and credit quality trends, profitability and statements about the expected financial benefits and other effects of the affiliation between the companies. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: expected cost savings, synergies and other financial benefits from the affiliation might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; market, economic, operational, liquidity, credit and interest rate risks associated with the combined entity’s businesses; competition; government legislation and policies; the ability of the combined entity to execute its business plan; changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of internal controls; failure or disruption of information systems; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities or unfavorable resolutions of litigations; conditions to the closing of the merger, including the obtaining of required regulatory and shareholder approvals; the merger may involve unexpected costs, liabilities or delays; the occurrence of any event, change or other circumstances that could give to the termination of the merger agreement; and the ability of the parties to recognize the benefits of the merger. These forward-looking statements are made only as of the date of this press release, and neither IBB nor Lizton undertake an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.