MainSource buys bank branches

The Portland branch of Old National Bank is among 80 being sold to MainSource Financial Group.
Old National and MainSource announced the definitive agreement this week.
Along with the Portland branch, ONB branches in Richmond, Brownstown, Batesville and Union City are being sold.
The purchase includes a total of $120 million in deposits and about $30 million in loans, according to Archie M. Brown Jr., president and chief executive officer of MainSource.
The transaction is expected to be completed by July after receiving regulatory approval.
There was no word on plans for the ONB branch building at 910 N. Meridian St.
MainSource already has three other branches in Portland, the main branch at 112 N. Meridian St., an East Main Street branch, and the north branch at 1511 N. Meridian St.
MainSource closed its Redkey branch about two years ago.
“This branch acquisition demonstrates our commitments to communities we currently serve,” Brown said in a prepared statement.
MainSource Financial Group has assets of about $3.1 billion and operates 80 full-service offices in Indiana, Illinois, Kentucky and Ohio through its banking subsidiary, MainSource Bank, headquartered in Greensburg.
Old National Bancorp, based in Evansville, has assets of about $11.2 billion. It recently reported annual earnings for 2014 of $103.7 million or 95 cents per common share. That’s up about 3 percent from 2013.

No impact
This week’s bankruptcy filing by RadioShack is expected to have no impact on Strohl’s Appliance and Electronics of Portland, a longtime RadioShack franchisee.
“We’re going on as normal,” said Debi Gillespie of Strohl’s. “This is a family-owned store.” The store is still selling RadioShack products and expects that to continue.
RadioShack filed for Chapter 11 bankruptcy protection late Thursday and said it plans to close roughly half of its stores. That has no impact on Strohl’s because the local store is not owned by RadioShack.

Ellsperman featured
Indiana Lt. Gov. Sue Ellsperman will be the keynote speaker at the Jay County Community Awards presentation by the Jay County Chamber of Commerce.
Raised in Ferdinand, she holds a bachelor’s degree in industrial engineering from Purdue University and both master’s and doctoral degrees in industrial engineering from the University of Louisville. She was elected to the Indiana House in 2010 and in 2012 was elected lieutenant governor.
The Jay County Community Awards event is set for Thursday, March 5, in the commons area of Jay County High School. There will be a reception at 5:30 p.m. and dinner at 6 p.m. with a meet-and-greet gathering after the awards presentation.
The event is open to chamber members and the general public. Reservations are required. To make a reservation call 260-726-4481 or visit the chamber offices in the Community Resource Center, 118 S. Meridian St., Portland.
The deadline for reservations is Feb. 25.

A new name
Energize-ECI Inc. has changed its name to the East Central Indiana Regional Partnership effective this week.
The regional economic development organization has served 10 counties for 10 years.
President and chief executive officer Mindy Kenworthy said plans are underway to evaluate the organization’s mission and structure.
“The board of directors, including member counties, wanted an organization name that better described who we are and where we are located,” she said in a prepared statement. “The Energize name created a lot of confusion, and I’m excited about the direction the organization is taking with these changes.”
Member counties include Jay, Blackford, Delaware, Fayette, Grant, Henry, Madison, Randolph, Rush and Wayne.

Exam preparation
Classes to help prepare for the journeyman electrician examination will be held at John Jay Center for Learning beginning in March. Classes will be held from 6 to 9 p.m. on Thursdays for nine weeks.
The cost is $225, including the textbook. The class prepares participants for either the Indiana or Ohio state licensing examination.

Going solar
Indiana Michigan Power has announced plans to add solar energy with the construction of five facilities with a combined capacity of nearly 16 megawatts.
Two will be in St. Joseph County, one near Watervliet, Michigan, one in Marion and the fifth location has not yet been determined.
“I&M will own and operate these facilities and gain firsthand experience in the design and construction of utility-scale solar projects,” said I&M president and chief executive officer Paul Chodak in a prepared statement.
Chodak noted the costs of solar resources are declining and utility-scale solar is more cost-effective than rooftop systems.

New owner
River Terrace Estates, a retirement and skilled care facility near Bluffton that had been in bankruptcy, has a new owner.
Ide Management Group, Indianapolis, took over ownership this week.
River Terrace filed for bankruptcy when faced with $14 million in bond debt that was not sustainable.

Improve English
A course for those learning to speak English as a second language is being offered free of charge on Wednesdays from 4 to 5:30 p.m. at the Jay County Public Library.
The class is designed for people who want to improve their written, communication and social skills. The classes follow the Jay Schools calendar, so if school is cancelled the class will not meet.
To become involved in the class, simply attend a class. Registration is not necessary.

Incubator planned
Wells County is moving ahead to transform the former Kitco building on Spring Street in Bluffton into an incubator for food-related businesses. Dubbed the Bluffton Food Innovation Center, the building will have a kitchen, processing space, educational facilities and a meeting room.