BURNETTSVILLE — A longtime White County bank will soon be changing its name.
The Fountain Trust Co., based in Covington, signed a merger agreement Monday with the State Bank of Burnettsville. Under the terms of the deal, SBB is expected to merge with and into Fountain Trust.
The combined company will have approximately $450 million in assets, $253 in loans, and $393 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, Patrick Duffey, chairman, president and CEO of SBB, stated in a press release. “We share Fountain Trust’s long-standing 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.”
The merger is expected to take place in the second quarter of this year, subject to approval by bank regulatory authorities and State Bank of Burnettsville shareholders
State Bank of Burnettsville, established in July 1902, has full service branches in Burnettsville and Monticello. As of Dec. 31, 2019, SBB had total assets of approximately $43 million.
Fountain Trust is a community bank headquartered in Covington, with total assets of approximately $407 million. Established in 1903, it serves Fountain, Montgomery, Parke, Tippecanoe, Warren and White counties with 14 offices, including Battle Ground and Brookston.
“Like SBB, we are proud to be a fourth-generation community bank that generally serves small towns,” Fountain Trust President Lucas White said. “We are excited to expand our services within White County and to team with Patrick Duffey and his staff in serving SBB’s customers in and around Burnettsville and Monticello. We think the business and cultures of the two banks will meld together nicely, both of us being community-oriented and multi-generation family operations.”
SBB’s two banks are located at 324 S. Main St., Burnettsville, and 902 N. Sixth St., Monticello.