[Southsider2k12]

http://www.michigancityin.com/articles/200.../21/news/n7.txt

1st Source, FINA will merge

From Staff Reports

First Source Corp., the holding company of 1st Source Bank, and FINA Bancorp Inc. of Valparaiso announced Monday that they will merge.

1st Source, based in South Bend, will acquire FINA, parent company of First National Bank of Valparaiso, in exchange for cash and stock. FINA has about $600 million in assets and operates 26 banking facilities in Porter, LaPorte and Starke County along with personal and business banking, trust and asset management services.

In LaPorte County, 1st Source has one location in Michigan City - 3905 Franklin St. - and two locations in LaPorte. First National Bank has three locations in Michigan City, three in LaPorte and offices in Westville, Wanatah and LaCrosse.

Christopher J. Murphy III, chairman of 1st Source Corp. said the company will look hard at any possible consolidations of bank branches.

“We will look at both operations,” Murphy said. “We will consider what's best for the customer.”

Wayne Welter, chief executive officer of First National Bank, said the merger translates into a stronger commitment to the bank's communities and to its employees.

“It is important to us that 1st Source is motivated to strengthen its presence in our market and not in just acquiring additional banking assets,” Welter said. ��st Source will make Valparaiso its regional headquarters, which means more investment and more key jobs will be retained here. This means a lot to us. We are confident that the commitment of 1st Source to its customers and communities provides a solid foundation for the future.”

Murphy said the merger is a chance to join two strong local banks with similar values, history and legacies.

“First National Bank, Valparaiso is located in the fastest growing area of our 1st Source retail market, and it's a natural fit for us,” Murphy said. “Our products and services are similar, and we both believe in being involved and giving back to the communities we serve.”

Murphy said they will work hard to minimize disruptions.

The merger is valued at about $135 million. The price represents 196 percent of book value and 41.5 times 2006 earnings before securities losses. 1st Source will pay a minimum of 40 percent and a maximum of 42 percent of the purchase price in shares of 1st Source common stock. The remainder will be paid in cash.

The merger is expected to be completed in the second quarter.

1st Source Bank has 67 banking centers in 16 counties in Indiana and Michigan.

[Max Main]

Is there any local bank left?

[Southsider2k12]

Horizon is still local, as are the credit unions. For my money, I love Members Advantage Credit Union and have had real good interactions with Horizon on my car loan. On the other end of the spectrum, I have an account at National City from when they were the only place who would cash my payroll check for free, and I have had horrible, horrible experiences with them. I know problems happen when it comes to banking, but their customer service is just god-awful. They will not do anything to help you that they don't have to do. I wouldn't let my worst enemy open an account there.

[Ang]

Horizon is still local, as are the credit unions. For my money, I love Members Advantage Credit Union and have had real good interactions with Horizon on my car loan. On the other end of the spectrum, I have an account at National City from when they were the only place who would cash my payroll check for free, and I have had horrible, horrible experiences with them. I know problems happen when it comes to banking, but their customer service is just god-awful. They will not do anything to help you that they don't have to do. I wouldn't let my worst enemy open an account there.

You feel pretty strongly about that, don't you?
I was with National City for a brief time. My trouble started when they charged me full price for 50 checks and it went downhill from there.

[Southsider2k12]

I could tell you some stories... Yikes.

[Max Main]

Thanks for the warning. I was considering them to help get money to my child in Valpo, but I will not now. Is Horizon still actually owned by MC people? I thought some giga holding company bougt them.

[Southsider2k12]

Their corporate HQ is still in MC. I don't know the details of their ownership anymore, but their website still directs all corporate and HR questions to their traditional Franklin Square location.

[Max Main]

the horizon cred card pmts go to new york