MainSource Bank

MainSource Bank was a community-bank brand headquartered in Greensburg, Indiana, and operated as the banking subsidiary of MainSource Financial Group. Its branch network served customers across Indiana, Illinois, Kentucky, and Ohio, with a focus on conventional community-banking activities rather than a narrowly specialized financial product line. The brand was created as part of a consolidation program intended to bring several separately named Indiana banking units under one identity. The organization’s corporate predecessor was Indiana United Bancorp, formed in 1983 by Robert Hoptry and Howard Sanders to acquire the financially troubled Union Bank and Trust Co. of Greensburg. The company expanded as Indiana loosened geographic restrictions on banking organizations, using acquisitions and branch development to build a broader regional presence. In February 2002, Indiana United Bancorp announced plans to consolidate its various Indiana banking subsidiaries under the MainSource Bank name. The first major combination joined People’s Trust Co. of Brookville and Union Bank of Greensburg in March 2002, creating an operating unit with 35 offices in 14 Indiana counties. Other subsidiary banks were subsequently brought into the MainSource structure as regulatory approvals were obtained. The holding company adopted the MainSource Financial Group name in May 2002 and changed its Nasdaq symbol from IUBC to MSFG. MainSource continued to grow through acquisitions and organic expansion. In 2005, MainSource Financial Group announced and completed the purchase of Madison Bank & Trust Company from National City Corporation, strengthening its presence in southern Indiana. During the early 2010s, the group added branches in Columbus, Seymour, and Bloomington. In 2016, it entered the Cincinnati market through the acquisition of Cheviot Savings Bank. Cheviot’s locations were closed briefly for conversion and reopened under the MainSource name at the end of May 2016. The institution also participated in the federal Troubled Asset Relief Program during the financial crisis. The United States Treasury purchased $57 million in shares of MainSource Financial Group. Treasury subsequently sold all of its shares in March 2012. The available reference material does not provide a complete account of the investment’s return or the detailed terms of the transaction. Leadership transitioned from founding executive Robert Hoptry to Archie Brown during the late 2000s. Hoptry gave up the president and chief executive officer roles to Brown in 2008 while remaining chairman, and Brown later became chairman in 2011. This transition preceded the company’s final strategic change: a merger with First Financial Bancorp. In July 2017, MainSource Financial Group and First Financial Bancorp entered into a definitive merger agreement. Regulatory review by the United States Department of Justice required the divestiture of one Greensburg branch and four Columbus branches in Indiana. Those locations were sold to German American Bancorp in February 2018. The merger became effective on April 1, 2018. MainSource locations closed on May 25 for the conversion, and most reopened as First Financial Bank branches on May 29. Some sites did not reopen because First Financial had nearby redundant locations. MainSource Bank therefore ceased operating as an independent brand in 2018.

MainSource Bank emerged from the expansion and consolidation of Indiana United Bancorp. The holding company was established in 1983 by Robert Hoptry and Howard Sanders to acquire Union Bank and Trust Co. of Greensburg, a financially troubled Indiana institution. As Indiana relaxed restrictions that limited the geographic reach of banks and bank holding companies, Indiana United Bancorp acquired additional banks and developed a larger regional network. In February 2002, the company announced a plan to replace the various names used by its Indiana banking subsidiaries with a single MainSource Bank identity. The first principal combination took place in March, when People’s Trust Co. of Brookville and Union Bank of Greensburg were combined into an operating unit with 35 offices in 14 Indiana counties. Other subsidiary banks were folded into the MainSource structure after receiving the required regulatory approvals. The holding company changed its name to MainSource Financial Group in May 2002 and adopted the Nasdaq symbol MSFG, replacing IUBC. MainSource pursued both acquisition-led and organic growth. In 2005, it announced the purchase of Madison Bank & Trust Company from National City Corporation; the transaction was completed in August of that year. In the early 2010s, it opened branches in Columbus, Seymour, and Bloomington, extending its southern Indiana presence. The company later expanded into the Cincinnati market by acquiring Cheviot Savings Bank in early 2016. Cheviot branches closed at the end of May for conversion and reopened as MainSource offices. The company received federal support during the financial crisis when the United States Treasury acquired $57 million in MainSource Financial Group shares through the Troubled Asset Relief Program. Treasury disposed of its entire position in March 2012. The available material does not specify the precise investment return or all conditions attached to the transaction. Management succession also shaped the institution’s later history. Hoptry transferred the president and chief executive officer positions to Archie Brown in 2008 while continuing as chairman. Brown became chairman in 2011. In July 2017, MainSource Financial Group agreed to merge with First Financial Bancorp. The Department of Justice required the sale of one Greensburg branch and four Columbus branches in Indiana as a condition associated with the transaction. German American Bancorp acquired those branches in February 2018. The merger was completed on April 1, 2018. MainSource locations closed on May 25 for the conversion, and most reopened on May 29 under the First Financial Bank name. Locations considered redundant because of nearby First Financial branches did not reopen. This conversion ended MainSource Bank as an independent operating brand.

• 2018

  MainSource brand retired

  [1]MainSource Banken.wikipedia.org

  The merger closed in April, and most MainSource branches were converted to First Financial Bank locations in May.

• 2017

  Merger agreement with First Financial Bancorp

  [1]MainSource Banken.wikipedia.org

  MainSource Financial Group entered into a definitive agreement to merge with First Financial Bancorp.

• 2016

  Cincinnati expansion

  [1]MainSource Banken.wikipedia.org

  MainSource expanded into the Cincinnati market through the acquisition and rebranding of Cheviot Savings Bank locations.

• 2012

  Treasury sells its MainSource shares

  [1]MainSource Banken.wikipedia.org

  The United States Treasury sold its entire shareholding acquired through the Troubled Asset Relief Program.

• 2008

  Archie Brown succeeds Robert Hoptry as chief executive

  [1]MainSource Banken.wikipedia.org

  Brown assumed the president and chief executive officer roles while Hoptry retained the chairmanship.

• 2005

  Madison Bank & Trust acquisition announced

  [1]MainSource Banken.wikipedia.org

  MainSource Financial Group announced the acquisition of Madison Bank & Trust Company from National City Corporation; completion followed in August.

• 2002

  MainSource Bank identity introduced

  [1]MainSource Banken.wikipedia.org

  Indiana United Bancorp began consolidating its separately named Indiana banking subsidiaries under the MainSource Bank name and changed its holding-company name to MainSource Financial Group.

• 1983

  Indiana United Bancorp is formed

  [1]MainSource Banken.wikipedia.org

  Robert Hoptry and Howard Sanders formed Indiana United Bancorp to acquire Union Bank and Trust Co. of Greensburg.

A regional community-bank brand serving households, businesses, and local communities through a multi-state branch network in the Midwest.

• Community banking

  Community banking services

  MainSource Bank operated as a regional community bank, providing branch-based banking services to individuals, households, businesses, and local organizations. The available reference material identifies its banking scope and geographic network but does not enumerate specific account products, lending programs, or fee structures.

• Banking · 2002

  Regional commercial and consumer banking

  The MainSource brand covered the ordinary commercial and consumer activities of a multi-state community bank, including deposit-taking and lending-oriented relationships. Specific named products are not documented in the supplied reference material, so this entry describes the institution’s broad banking function rather than a verified product catalogue.

• 2017

  Merger agreement with First Financial BancorpM&A

  Background

  MainSource Financial Group entered a definitive agreement with First Financial Bancorp.

  Action taken

  The companies agreed to combine, subject to regulatory review and required branch divestitures.

  Aftermath

  The merger closed on April 1, 2018. Most MainSource branches were converted to First Financial Bank locations, while some redundant locations remained closed.

  Source

• 2016

  Acquisition of Cheviot Savings BankM&A

  Background

  MainSource was seeking entry into the Cincinnati market.

  Action taken

  MainSource acquired Cheviot Savings Bank and converted its locations to the MainSource brand.

  Aftermath

  The transaction expanded MainSource into the Cincinnati area, with converted branches reopening at the end of May 2016.

  Source

• 2005

  Acquisition of Madison Bank & Trust CompanyM&A

  Background

  MainSource sought to expand its southern Indiana banking presence.

  Action taken

  MainSource Financial Group announced and completed the acquisition of Madison Bank & Trust Company from National City Corporation.

  Aftermath

  The acquisition added Madison Bank & Trust’s operations to the MainSource organization.

  Source

• 2002

  Consolidation under the MainSource Bank brandStrategy

  Background

  Indiana United Bancorp operated multiple banking units under different names across Indiana.

  Action taken

  The company combined the units progressively under the MainSource Bank identity and renamed the holding company MainSource Financial Group.

  Aftermath

  The consolidation created a unified regional banking brand and formed the platform for subsequent acquisitions and branch expansion.

  Source

1. 1MainSource Banken.wikipedia.org