US based community lender MainSource Bank has completed the acquisition of American Founders Bank branch in Shelbyville, Kentucky, for an undisclosed sum.
On completion of the transaction, which was inked in August this year, the purchaser will get nearly $35m in deposits and $27m in selected loans, the bank said.
The acquisition of branches will enable the acquirer to strengthen its footprint in Kentucky and Shelbyville regions.
The lender currently manages four offices in Mercer, Franklin and Anderson counties in Kentucky.
MainSource Bank president and chief executive officer Daryl Tressler said this acquisition is a strategic opportunity for the company to expand relationships in Kentucky markets.
Headquartered in Indiana, MainSource Bank trades as a banking subsidiary of $2.8bn MainSource Financial, and manages 77 full-service offices across Indiana, Illinois, Kentucky and Ohio region in US.
As of 31 December 2011, American Founders Bancorp had assets of $380m and manages seven financial centers, including two in Lexington, two in Louisville, and one each in Shelbyville, and Kentucky, through its banking subsidiary.