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{{Short description|US bank}}
{{Use mdy dates|date=October 2022}}
{{Infobox company
| name = MainSource Financial Group
| former_name = Indiana United Bancorp (1983–2002)
| trade_name = MainSource Bank
| logo = Mainsource Bank logo.jpg
| type = [[Public company|Public]]
| traded_as = {{NASDAQ was|MSFG}} (2002–2018)
| foundation =
| defunct = {{end date and age|2018|04|02}}
| fate = Merged with [[First Financial Bank (Ohio)|First Financial Bancorp]]
| key_people = Archie Brown, Jr ([[President (corporate title)|president]]/[[Chief executive officer|CEO]])
| industry = [[Banking]]
| products = [[Banking]] and [[Mortgages]]
| revenue =
| num_employees =
| homepage = {{URL|https://web.archive.org/web/20180126125519/https://www.mainsourcebank.com/|Last version of website prior to merger}}
| location = [[Greensburg, Indiana]], United States
| area_served = [[Indiana]], [[Illinois]], [[Kentucky]], and [[Ohio]]
}}

'''MainSource Bank''' was a community bank located in [[Greensburg, Indiana]]. The company was the operating subsidiary of the MainSource Financial Group. It operated banks in Indiana, Illinois, Kentucky, and Ohio.<ref>{{cite web |title=MainSource Financial Group Company Profile |url=https://www.reuters.com/finance/stocks/companyProfile?symbol=MSFG.DF |archive-url=https://web.archive.org/web/20160304042214/http://www.reuters.com/finance/stocks/companyProfile?symbol=MSFG.DF |url-status=dead |archive-date=March 4, 2016 |publisher=[[Reuters]] |accessdate=3 April 2012}}</ref> On May 25, 2018, all MainSource locations closed as part of the acquisition by [[First Financial Bank (Ohio)|First Financial Bancorp]]. Most locations reopened May 29, 2018 as First Financial Bank locations, but some locations remained closed if there was a redundant location nearby.

The [[United States Treasury]] purchased $57 million in shares of MainSource Financial Group under the [[Troubled Asset Relief Program]]. The Treasury sold all of its shares in the company in March 2012.<ref>{{cite web |title=U.S. Treasury Selling MainSource Shares at Discount |url=http://www.bizjournals.com/louisville/news/2012/03/29/us-treasury-selling-mainsource.html |publisher=[[Louisville Business First]] |accessdate=30 May 2012 |date=March 29, 2012 |first=Kevin |last=Eigelbach}}</ref>

==History==
Indiana United Bancorp was formed in 1983 by Robert Hoptry and Howard Sanders with the sole purpose of acquiring the financially troubled Union Bank and Trust Co. of Greensburg. Hoptry and Sanders were former executives who were ousted from a Kentucky bank after losing in an internal struggle for control of the Kentucky bank.<ref>{{cite news |url=https://books.google.com/books?id=Iv8uAAAAIBAJ&dq=%22Indiana+United+Bancorp%22&pg=PA28&article_id=4777,4940708 |title=Bankers Offer Aid |newspaper=[[Kentucky New Era]] |date=June 8, 1963 |page=17 |via=[[Google Books]]}}</ref><ref>{{cite web |url=https://www.sec.gov/Archives/edgar/data/720002/000072000296000008/0000720002-96-000008.txt |title=Indiana United Bancorp 10-Q |date=June 30, 1996 |work=[[U.S. Securities and Exchange Commission]]}}</ref> Under Hoptry's leadership, Indiana United Bancorp grew by acquiring other banks as soon as the state of Indiana started to loosen banking restrictions that required banks and bank holding companies to refrain from operating beyond certain geographical restrictions.<ref>{{cite news |url=https://books.google.com/books?id=5UBPAAAAIBAJ&dq=%22Indiana+United+Bancorp%22&pg=PA15&article_id=6670,120617 |title=Small banks strive for balance in merger age |newspaper=[[Toledo Blade]] |date=September 1, 1998 |page=28 |via=[[Google Books]] |agency=[[Wall Street Journal]]}}</ref>

In February 2002, Indiana United Bancorp announced plans to consolidating the holding company's many separate banking units throughout the state of Indiana that operated under various names into a single bank to be named '''MainSource Bank''', starting with the merger of the two largest units, People's Trust Co. of [[Brookville, Indiana|Brookville]], and Union Bank of Greensburg in March to form an operating unit with 35 banking offices in 14 Indiana counties.<ref name="lbf-2002feb18">{{cite news |url=https://www.bizjournals.com/louisville/stories/2002/02/18/daily2.html |title=Indiana United to merge subsidiaries, change name to MainSource |work=[[Louisville Business First]] |date=February 18, 2002 |author=}}</ref> The other subsidiary banks were also merged into MainSource as soon as the necessary regulatory approvals were obtained. At the same time, it was announced that the name of holding company was going to be changed to '''MainSource Financial Group''', which was completed in May with its Nasdaq trading symbol changed from IUBC to MSFG.<ref name="lbf-2002apr26">{{cite news |url=https://www.bizjournals.com/louisville/stories/2002/04/22/daily42.html |title=Indiana United approves name change at annual meeting |work=[[Louisville Business First]] |date=April 26, 2002 |author=}}</ref>

In March 2005, MainSource Financial Group announced the pending acquisition of the [[Madison, Indiana|Madison]]-based Madison Bank & Trust Company from [[National City Corporation]] for an undisclosed amount.<ref name="mc-2005mar10">{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=IMCB&p_theme=imcb&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=116200968C8EFB28&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=National City sells Madison Bank and Trust - to MainSource |newspaper=[[Madison Courier]] |date=March 10, 2005 |first=Peggy |last=Vlerebome |url-access=subscription |quote=Employees of Madison Bank and Trust Co. were informed this morning that National City will sell their bank to MainSource Financial Group. Madison Bank and Trust didn't fit into National City's "branding," a National City executive said in the transaction announcement issued by MainSource... Madison Bank and Trust Co. became a wholly owned subsidiary of National City with National City's acquisition of Merchants National Corp. in 1991. "Since then, they have maintained the Madison identity, operating under a separate charter," James Hughes, National City's executive vice president, retail branch network, said in the Web site posting.}}</ref><ref name="mw-2005mar10">{{cite press release |url=http://www.marketwired.com/press-release/mainsource-financial-group-the-madison-bank-trust-announce-definitive-agreement-nasdaq-msfg-655949.htm |title=MainSource Financial Group and The Madison Bank and Trust Announce Definitive Agreement |work=[[Marketwired]] |date=March 10, 2005 |author=}}</ref> The acquisition was completed in August 2005.<ref name="mw-2005aug29">{{cite press release |url=http://www.marketwired.com/press-release/mainsource-financial-group-acquires-the-madison-bank-and-trust-company-nyse-ncc-664148.htm |title=MainSource Financial Group Acquires The Madison Bank and Trust Company |work=[[Marketwired]] |date=August 29, 2005 |author=}}</ref>

As a prelude to retirement, Hoptry relinquished his positions as president and CEO to Archie Brown in 2008 while retaining his post as chairman.<ref>{{cite news |url=https://www.bizjournals.com/louisville/stories/2008/07/21/daily43.html |title=MainSource Financial Group names new president |date=July 25, 2008 |work=[[Louisville Business First]]}}</ref> Brown eventually became chairman in 2011.<ref>{{cite web |url=https://www.sec.gov/Archives/edgar/data/720002/000104746912003211/a2208190zdef14a.htm |title=MainSource Financial Group Schedule 1A |date=March 23, 2012 |work=[[U.S. Securities and Exchange Commission]]}}</ref>

In the early 2010s, MainSource Financial Group expanded into new territories within Southern Indiana by opening new branches in [[Columbus, Indiana|Columbus]], [[Seymour, Indiana|Seymour]] and [[Bloomington, Indiana|Bloomington]].<ref name="gdn-2014may21">{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=IDGN&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=14DF24FF5D727B90&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=MainSource's careful expansion boosts profits |newspaper=[[Greensburg Daily News]] |date=May 21, 2014 |first=Boris |last=Ladwig |url-access=subscription |quote=In the last few years, as it emerged from the recession (and a loss of $65 million in 2009), the bank opened three branches in Columbus between 2010 and 2012, extended its reach into Seymour and opened a branch in downtown Indianapolis in late 2012. Last year, the bank opened a full-service branch in Bloomington and added commercial banking team in Louisville. A full-service branch in Louisville is planned for this year, and another for Bloomington in 2015.}}</ref>

In early 2016, MainSource expanded into the [[Cincinnati, Ohio|Cincinnati]] market by acquiring [[Cheviot Savings Bank]].<ref>{{cite news |url=https://www.cincinnati.com/story/money/2015/11/24/cheviot-savings-bank-sold-107m/76303304/ |title=Cheviot Savings Bank sold for $107M |first=Bowdeya |last=Tweh |date=November 24, 2015 |newspaper=[[The Cincinnati Enquirer]]}}</ref> Cheviot locations closed at the end of May 2016, and reopened as MainSource locations.

In July 2017, MainSource Financial Group and [[First Financial Bank (Ohio)|First Financial Bancorp]] entered into a definitive merger agreement. MainSource is expected to merge into First Financial in the first quarter of 2018.<ref>{{cite news |url=https://www.greenfieldreporter.com/2017/07/26/mainsource_merging_into_first_financial_bank/ |title=MainSource merging into First Financial Bank |date=July 26, 2017 |newspaper=[[Daily Reporter (Greenfield, Indiana)]]}}</ref> To allow the merger to proceed, the Department of Justice required that MainSource to sell one branch in Greensburg and four branches in Columbus, all in Indiana. Those branches were sold to German American Bancorp in February 2018.<ref>{{cite news |url=https://www.greensburgdailynews.com/news/local_news/mainsource-branches-sold-bancorp/article_034077c7-6739-5b1f-9f43-b2a0307789d2.html |title= MainSource branches sold Bancorp |first=Joshua |last=Heath |newspaper=[[Greensburg Daily News]] |date=February 14, 2018}}</ref>

The merger of MainSource and First Financial was made official on April 1, 2018, with branches converted to First Financial branding on May 29, 2018.
<ref>{{Cite news |url=http://www.insideindianabusiness.com/story/37859512/mainsource-completes-merger-with-first-financial |title=MainSource Completes Merger with First Financial |work=[[INside Indiana Business]] |first=Alex |last=Brown |date=April 2, 2018}}</ref>

==References==
{{reflist|30em}}

==External links==
{{Portal|Companies}}
*{{official website|http://www.mainsourcebank.com}}
{{Finance links historical
| name = MainSource Bank
| sec_cik = MSFG
}}

[[Category:Banks based in Indiana]]
[[Category:Companies formerly listed on the Nasdaq]]
[[Category:2018 mergers and acquisitions]]
[[Category:Defunct banks of the United States]]

MainSource Bank - Revision history

imported>WiinterU at 04:52, 2 October 2024