December 30, 2016 at 9:00 p.m.
MainSource grows in Kentucky
Business Roundup
MainSource Financial Group, parent company of MainSource Bank, is growing again.
The Greensburg-based bank holding company has entered into a definitive agreement to acquire all of the common stock of FCB Bancorp Inc. of Louisville, Kentucky.
The transaction is valued at about $56.9 million.
FCB is the holding company First Capital Bank of Kentucky, which has seven full-service branches in greater Louisville.
As of Sept. 30, FCB had about $523.6 million in assets, $428.9 millin in loans, $390.1 million in deposits, and $523.6 million in todal equity.
First Capital Bank will operate as a separate subsidiary for a short period of time but will eventually be fully merged into MainSource Bank.
"This combination significantly moves MainSource forward on our plan to have full branch coverage in our three core metropolitan markets of Indianapolis, Cincinnati and Louisville,” MainSource president and chief executive officer Archie M. Brown Jr. said in a prepared statement.
Under the terms of the agreement, which was approved by the boards of both companies, shareholders of FCB will receive 0.9 shares of MainSource common stock and $7.00 in cash for each share of FCB common stock owned. Based upon the December 16, 2016 closing price of $32.65 per share of MainSource common stock, the transaction is valued at approximately $56.9 million.
The merger is expected to be completed sometime in the second quarter of 2017.
Meanwhile, former Portland resident Daryl Tressler is retiring at the end of the year as president and chief executive officer of MainSource Bank.
He served for a period of time as president of the former Peoples Bank in Jay County after its acquisition by the holding company that is now MainSource Financial Group.
"Daryl is an extremely talented banker who has been a strong and steady leader in our company and in our community. We have been fortunate to have Daryl work for us for his whole career,” said Brown.
Tressler is a graduate of the University of Indianapolis and a native of Decatur County.
While his final day is Dec. 31, Tressler will be working on a part-time basis as a consultant related to the FCB acquisition.
Rubbelke leaving
Nathan Rubbelke, who has served as The Commercial Review’s county reporter since late May, will be leaving the paper.
The 2016 Saint Louis University graduate has accepted a job as a reporter for The College Fix, an online higher education news website. He will return to his hometown of St. Louis.
His last day at The Commercial Review will be Thursday. At The CR, Rubbelke covered Jay County government and the police beat and wrote his weekly “Off and Running” column.
Third House
The Jay County Chamber of Commerce will host a Third House Session at 10 a.m. on, Saturday, Jan. 14, at the Community Resource Center in Portland.
State Sen. Travis Holdman and Rep. Greg Beumer will be on hand to discuss upcoming issues facing the Indiana General Assembly.
CVS sues
CVS is suing the Texas Health and Human Services Commission, the Austin American-Statesman reported this week.
The pharmacy giant has been accused by the state of Texas of Medicaid fraud totaling $30.5 million, but its lawsuit filed this month claims state officials approved the billing practices at the heart of the fraud case.
The American-Statesman said the health commission has accused CVS of Medicaid fraud for years, claiming inflated numbers for prescriptions purchased through a discount program.
But the suit contends that the state approved the prices in 2008.
Texas and CVS have been involved in a legal tussle over the issue since 2012.
Mentors needed
The 2017 Innovation Competition set for next spring is looking for mentors who can meet with high school students after school, offer instruction and share knowledge, and work with a student or team of students during the competition.
The competition will take place from February through April and is sponsored by the Walmart Foundation.
To volunteer as a mentor or get more information, contact the chamber at (260) 726-4481.
FCC featured
Information technology improvements by FCC (Indiana) are the focus of a feature article at TechTarget.com this month.
The article reports that FCC was faced with a need to upgrade its aging network and IT systems in 2012. It was running on a “hodgepodge” involving 3Com, Cisco, Nortel, and IBM along custom and off the shelf software.
“Before the IT transformation, FCC had no computers on the factory floor. Plant managers would record daily production data — such as how many clutch parts were made, scrapped and redone — on a paper form that they handed to office workers. The office staff at each of FCC's four factories — two in Indiana and two in North Carolina — would take data from hundreds of pieces of paper a day and type the information into a computer hardwired to the mainframe,” Tech Target reported.
The Portland-based company replaced its old technology with a wireless LAN with access switches from Extreme Networks and ERP software.
“We did a complete gutting in every facility,” the site quoted IT manager Michael Hunt. The changes also reduced the size of the company’s IT department by 20 percent, the site reported.
Training classes
Certified Clinical Medical Assistant training classes through Vincennes University will be offered at John Jay Center for Learning beginning Jan. 31. For more information, contact John Jay Center at (260) 729-5525.
Workshops set
The East Central Indiana Small Business Development Center will present two workshops during January at the Innovation Connector in Muncie.
“Can Customers Find Your Website?” is set for Tuesday, Jan. 10, from 9 to 11 a.m.
The workshop will share 10 ways get connect with customers.
“Launch Your Own Business” is set for Tuesday, Jan. 17, from 6 to 9 p.m. It will be directed by Tom Steiner, business adviser with the East Central ISBDC. There is a $25 fee for the workshop, which covers the cost of a workbook to be used.
The Innovation Connector is located at 1208 W. White River Blvd. For information or to register, contact Judy Porter at (765) 282-995 or by email at [email protected].
The Greensburg-based bank holding company has entered into a definitive agreement to acquire all of the common stock of FCB Bancorp Inc. of Louisville, Kentucky.
The transaction is valued at about $56.9 million.
FCB is the holding company First Capital Bank of Kentucky, which has seven full-service branches in greater Louisville.
As of Sept. 30, FCB had about $523.6 million in assets, $428.9 millin in loans, $390.1 million in deposits, and $523.6 million in todal equity.
First Capital Bank will operate as a separate subsidiary for a short period of time but will eventually be fully merged into MainSource Bank.
"This combination significantly moves MainSource forward on our plan to have full branch coverage in our three core metropolitan markets of Indianapolis, Cincinnati and Louisville,” MainSource president and chief executive officer Archie M. Brown Jr. said in a prepared statement.
Under the terms of the agreement, which was approved by the boards of both companies, shareholders of FCB will receive 0.9 shares of MainSource common stock and $7.00 in cash for each share of FCB common stock owned. Based upon the December 16, 2016 closing price of $32.65 per share of MainSource common stock, the transaction is valued at approximately $56.9 million.
The merger is expected to be completed sometime in the second quarter of 2017.
Meanwhile, former Portland resident Daryl Tressler is retiring at the end of the year as president and chief executive officer of MainSource Bank.
He served for a period of time as president of the former Peoples Bank in Jay County after its acquisition by the holding company that is now MainSource Financial Group.
"Daryl is an extremely talented banker who has been a strong and steady leader in our company and in our community. We have been fortunate to have Daryl work for us for his whole career,” said Brown.
Tressler is a graduate of the University of Indianapolis and a native of Decatur County.
While his final day is Dec. 31, Tressler will be working on a part-time basis as a consultant related to the FCB acquisition.
Rubbelke leaving
Nathan Rubbelke, who has served as The Commercial Review’s county reporter since late May, will be leaving the paper.
The 2016 Saint Louis University graduate has accepted a job as a reporter for The College Fix, an online higher education news website. He will return to his hometown of St. Louis.
His last day at The Commercial Review will be Thursday. At The CR, Rubbelke covered Jay County government and the police beat and wrote his weekly “Off and Running” column.
Third House
The Jay County Chamber of Commerce will host a Third House Session at 10 a.m. on, Saturday, Jan. 14, at the Community Resource Center in Portland.
State Sen. Travis Holdman and Rep. Greg Beumer will be on hand to discuss upcoming issues facing the Indiana General Assembly.
CVS sues
CVS is suing the Texas Health and Human Services Commission, the Austin American-Statesman reported this week.
The pharmacy giant has been accused by the state of Texas of Medicaid fraud totaling $30.5 million, but its lawsuit filed this month claims state officials approved the billing practices at the heart of the fraud case.
The American-Statesman said the health commission has accused CVS of Medicaid fraud for years, claiming inflated numbers for prescriptions purchased through a discount program.
But the suit contends that the state approved the prices in 2008.
Texas and CVS have been involved in a legal tussle over the issue since 2012.
Mentors needed
The 2017 Innovation Competition set for next spring is looking for mentors who can meet with high school students after school, offer instruction and share knowledge, and work with a student or team of students during the competition.
The competition will take place from February through April and is sponsored by the Walmart Foundation.
To volunteer as a mentor or get more information, contact the chamber at (260) 726-4481.
FCC featured
Information technology improvements by FCC (Indiana) are the focus of a feature article at TechTarget.com this month.
The article reports that FCC was faced with a need to upgrade its aging network and IT systems in 2012. It was running on a “hodgepodge” involving 3Com, Cisco, Nortel, and IBM along custom and off the shelf software.
“Before the IT transformation, FCC had no computers on the factory floor. Plant managers would record daily production data — such as how many clutch parts were made, scrapped and redone — on a paper form that they handed to office workers. The office staff at each of FCC's four factories — two in Indiana and two in North Carolina — would take data from hundreds of pieces of paper a day and type the information into a computer hardwired to the mainframe,” Tech Target reported.
The Portland-based company replaced its old technology with a wireless LAN with access switches from Extreme Networks and ERP software.
“We did a complete gutting in every facility,” the site quoted IT manager Michael Hunt. The changes also reduced the size of the company’s IT department by 20 percent, the site reported.
Training classes
Certified Clinical Medical Assistant training classes through Vincennes University will be offered at John Jay Center for Learning beginning Jan. 31. For more information, contact John Jay Center at (260) 729-5525.
Workshops set
The East Central Indiana Small Business Development Center will present two workshops during January at the Innovation Connector in Muncie.
“Can Customers Find Your Website?” is set for Tuesday, Jan. 10, from 9 to 11 a.m.
The workshop will share 10 ways get connect with customers.
“Launch Your Own Business” is set for Tuesday, Jan. 17, from 6 to 9 p.m. It will be directed by Tom Steiner, business adviser with the East Central ISBDC. There is a $25 fee for the workshop, which covers the cost of a workbook to be used.
The Innovation Connector is located at 1208 W. White River Blvd. For information or to register, contact Judy Porter at (765) 282-995 or by email at [email protected].
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