ACQUISITION

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

ACQUISITION

NOTE 3: ACQUISITION

On November 22, 2013, the Corporation completed the acquisition of the deposit relationships, real estate and fixed assets of the Osgood, Indiana branch office of Old National Bank, a national banking association. Cash proceeds of $6.3 million were received in the transaction, representing the net book value of the real and personal property acquired and a 2% premium on deposits, as reduced by the deposits assumed at closing. Customer deposits acquired in the transaction totaled $6.5 million, and goodwill recognized in the transaction was $124,000. No loans were acquired in this transaction.

The fair value of the assets acquired, liabilities assumed, and the purchase price for the Osgood, Indiana branch acquisition was allocated as follows (in thousands):

Consideration:  Cash paid	$	129
Fair value of assets acquired:
Cash and cash equivalents		6,379
Property and equipment		73
Core deposit intangible		11
Other assets		1
Total assets acquired		6,464
Fair value of liabilities assumed:
Deposits		6,455
Interest payable		2
Other liabilities		2
Total liabilities assumed		6,459
Goodwill	$	124