BURNETTSVILLE — A longtime White County bank is changing its name.
Piper Holdings Inc., owners of The Fountain Trust Co., based in Covington, has officially completed its acquisition of the State Bank of Burnettsville.
Fountain Trust Co. officials said the merger became effective July 12, meaning SBB has merged with and into Fountain Trust and will now be known as such.
The initial agreement was announced March 5, as first reported by the Herald Journal.
State Bank of Burnettsville was established in July 1902 and has branches in Burnettsville and Monticello.
“Like SBB, we are proud to be a fourth-generation community bank that generally serves small towns. We are excited to expand our service within White County and to team with Patrick Duffey and his staff in serving SBB’s customers in and around Burnettsville and Monticello,” said Lucas White, president of Fountain Trust. “The business and cultures of the two banks meld together nicely, both of us being community-oriented and multi-generation family operations.”
Established in 1903, Fountain Trust Co. now has 16 offices in Fountain, Montgomery, Parke, Tippecanoe, Warren and White counties. Fountain Trust already had a presence in White County prior to the transaction, with a location established at 309 S. Prairie St., Brookston.
The merged company will now have approximately $494 million in assets, $262 in loans, and $436 million in deposits upon completion of the transaction.
“We are pleased to partner with the Fountain Trust family and to continue to serve our customers, employees and communities,” said Patrick Duffey, chairman, president and CEO of SBB. “We share Fountain Trust’s longstanding tradition and commitment to local decision-making, retention of local staff, commitment to community involvement, and personal one-on-one service. We are excited to be able to better serve our customers with increased products and services as well as higher lending limits for our commercial and agricultural clients.”
Fountain’s newly acquired banks are located at 324 S. Main St., Burnettsville, and 902 N. Sixth St., Monticello.