Wednesday, March 3rd, 2021

IAB partners with First State Bank of Bourbon

Posted: Friday, February 6, 2015

Independent Alliance Banks, Inc. (OTCQB: IALB) (IAB), the holding company of iAB Financial Bank, completed its merger of the First State Bank of Bourbon (FSB) into iAB Financial Bank as of February 1, 2015.

Our acquisition’s strategic highlights include: iAB Financial Bank’s further commitment to community banking; customers will be able to access additional product and service capabilities, including online and mobile banking, commercial banking, treasury and wealth management services and access to nearly 5,000 surcharge free ATMs; expanding agribusiness and mortgage lending business into new markets in northern Indiana; addition of two Bourbon,  locations – making a total of 17 banking centers for customer convenience; and total assets of over $1 billion, total deposits of $799 million and total loans of $696 million.

First State Bank of Bourbon, which has assets of over $88 million, was a privately-held, community-focused organization serving Marshall County with a legacy of service that dates back to 1884.

Independent Alliance Banks, Inc., established in 2005, is a financial services holding company for iAB Financial Bank. iAB Financial Bank, one of the largest locally-owned banks, now serves the Allen, Huntington, Marshall and Wells counties and employs approximately 290 people.