Ruoff to Acquire White County Bank
Mark Music is chairman of Ruoff Financial Corp.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Ruoff Financial Corp. has announced plans to acquire SBB Bancshares Inc. in White County. Financial terms were not disclosed, however Ruoff says once the deal is complete, SBB subsidiary State Bank of Burnettsville will be renamed and operate as Ruoff Bank.
The acquisition is expected to be complete in the fourth quarter. Ruoff says no job losses are expected.
Ruoff Financial Corp. is the parent of Ruoff Home Mortgage, which has more than 20 branch locations throughout Indiana and a growing presence outside of the state. The company says it will file all required regulatory applications to acquire SBB and become a bank holding company in conjunction with the proposed acquisition.
"The White County market is well known to us and partnering with SBB will not only strengthen our brand in their home market, but also provide us a platform to begin offering deposit and other traditional banking services to residential mortgage customers throughout our entire mortgage market footprint," said Ruoff Chairman Mark Music.
SBB was founded in 1902 and serves customers in White, Carroll and Cass counties. SBB Chief Executive Officer Patrick Duffey says customers will continue to see the same faces at the bank’s branch offices.
The acquisition remains subject to SBB shareholder and regulatory approvals, as well as customary closing conditions.