River Valley buys bank in Osgood
Saturday, September 07, 2013 5:00 AM
RiverValley Bancorp, holding company for River Valley Financial Bank, has signed an agreement with Old National Bank under which River Valley will acquire the deposits, real estate, and fixed assets of Old National Bank's branch office in Osgood.
River Valley will pay the net book value of the real estate, fixed assets, and personal property acquired and assume deposits of the branch customers at closing. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2013.
Matthew P. Forrester, president and CEO of River Valley, said that he is pleased with the opportunity to provide River Valley Financial Bank's full-service personal and business banking in Osgood and surrounding communities.
"The acquisition of the Osgood branch will complement our existing branch network," Forrester said. and fits into our banking philosophy of serving local communities. We are excited to be establishing an office in Ripley County," he said.