LIZTON, Ind. & INDIANAPOLIS, Ind.–(GLOBE NEWSWIRE) — Lizton Financial Corporation (“Lizton”) announced the completion of their acquisition of Indiana Business Bancorp (OTCQB: IBBI, “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.