Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 24, 2020, the Company completed the merger with MutualFirst Financial, Inc. (“MutualFirst Financial”), the holding company for MutualBank for total consideration of $213.4 million. The Company is currently in the process of finalizing the purchase accounting of this transaction.

Under the terms of the Merger Agreement, each share of common stock of MutualFirst Financial converted into the right to receive 2.4 shares of the Company’s common stock or a total of 20,659,087 shares of common stock of the Company valued at $213.4 million, based on the $10.33 per share closing price of the Company's stock on April 24, 2020. Cash was paid in lieu of fractional shares at a rate of $10.71 per whole share of the Company's common stock.

The transaction has resulted in a bank with approximately $12.8 billion in total assets, providing banking services through 214 branch locations and 273 ATMs in four states. The transaction expanded the Company's franchise by 36 full-service offices located in Indiana.