MARBANC FINANCIAL CORPORATION AND GRABILL BANCORP AGREE TO MERGER
MarBanc Financial Corporation, the bank holding company of MarkleBank, and Grabill Bancorp, the bank holding company for Grabill Bank, announced that they have signed a definitive agreement for the consolidation of their respective bankholding companies into a new bank holding company, Independent Alliance Banks, Inc. (IAB). The new holding company will maintain MarkleBank and Grabill Bank as separately chartered subsidiaries, each governed by its existing bank’s Board of Directors.
MarkleBank has $220 million in assets, 6 locations and 75 employees. Grabill Bank has $520 million in assets, 7 locations and 175 employees. Both banks have a Trust, Insurance and Investments Division. Grabill Bank also operates a Mortgage Center. With assets of approximately $750 million after the merger, IAB will be the third largest bank holding company headquartered in Northeastern Indiana with branches in Allen, Huntington, and Wells Counties. More information about MarBanc and Grabill can be found at www.marklebank.com and www.grabillbank.com, respectively.
“With no overlaps in branch operations, greater lending capacity and unlmited opportunities to leverage the expertise of both banks, we are looking to grow the organization, not constrict it,” said Travis Holdman, President and CEO of MarkleBank.
Both board of directors have committed to no layoffs through the merger.
“With the union of these two great independent community banks, we have created a unique framework for our customers, shareholders, and communities,” said Brent Clifton, former President and CEO of Grabill Bank.
“MarkleBank and Grabill Bank share similar corporate cultures and philosophies about service excellence, staff development, growth, bank independence and community leadership. The merger of these two bank holding companies will allow the two individual banks to remain strong leaders in community banking well into the future and provide an improved return for our shareholders,” stated Michael C. Marhenke, President and Chief Executive Officer of Grabill Bank.
IAB’s eight-member Board of Directors will include: Messrs. Clifton, Holdman and Marhenke and two existing directors of MarBanc and three existing directors of Grabill. IAB officers are to include: Mr. Clifton, Chairman of the Board; Mr. Holdman, Vice Chairman and Chief Executive Officer; Mr. Marhenke, President; Mr. Kevin Himmelhaver, Grabill’s current Chief Financial Officer (CFO), as CFO of the new holding company, and Mr. Jeff Humbarger, MarBanc’s current CFO, as Treasurer. Each officer will retain their current title and role in their respective bank.
Renninger & Associates, LLC is the financial advisor to both MarBanc and Grabill in this transaction. MarBanc and Grabill have each received a preliminary opinion from independent sources that the terms of the transaction are fair to their respective shareholders from a financial point of view. Gerrish & McCreary, P.C. is legal counsel to both MarBanc and Grabill in this transaction.
> Read More Information About Us
> More Articles Written By Our Staff
- Community Invited To Paint Rocks For Urban League Project - April 26, 2024
- The “Bad Guys” In Your Garden & What To Do About Them - April 26, 2024
- Why Voting In The Primary Election Matters - April 26, 2024