Greenfield bank acquires trust portfolio from Citizens State Bank
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Greenfield Banking Co. and its subsidiary, GBC Bank Wealth Management, have acquired the trust portfolio of New Castle-based Citizens State Bank. Financial terms of the deal are not being disclosed.
GBC Bank said in a news release Wednesday the acquisition marks a milestone in the bank’s efforts to expand its services and footprint in central Indiana.
“Both the teams at GBC Bank and Citizens State Bank have worked tirelessly for a seamless transition,” GBC Bank President and CEO Michael Graf said in the release. “We look forward to serving these new customers and thank Citizens State Bank for their trust in us to do so.”
The bank did not specify if any jobs would be affected by the deal. A request for more information from Inside INdiana Business was not returned.
GBC Bank Wealth Management provides investment management, trust and retirement services to customers. Its trust services include living trusts and estate administration, according to the bank’s website.
Greenfield Banking Co. is the 16th largest bank in the Indianapolis area with more than $770 million in FDIC deposits, according to IBJ research. The bank has 104 employees across eight locations.
Earlier this month GBC Bank was named to Newsweek’s list of “America’s Best Regional Banks and Credit Unions.”