Community Banks in Indiana, Oregon Buying Wealth Units
Byline: Jackie Stewart
Two community banks have scored deals for niche investment businesses in their home states.
MainSource Bank in Greensburg, Ind., has agreed to buy the assets managed by Krumme and Brock Investment Services in Seymour, Ind. The employees of the Krumme firm, including owners Galen Krumme and Cliff Brock, would join MainSource Bank's wealth management division.
MainSource recently expanded into the Seymour market, and the deal would broaden its products and services, Daryl R. Tressler, the president and chief executive of MainSource, said in a news release Thursday.
Both Krumme and MainSource Investment Services offer securities through Raymond James Financial Services. MainSource is a unit of the $2.7 billion-asset MainSource Financial Group (MSFG).
Separately, Oregon Pacific Bank in Florence said Thursday that it had acquired the trust and wealth management division from South Valley Bank & Trust in Klamath Falls, Ore. Oregon Pacific will house the unit in its fiduciary services organization.
The $13.5 billion-asset Washington Federal (WAFD) in Seattle is buying the $855 million-asset South Valley Bank. …