River Valley Bancorp Completes Acquisition of Dupont State Bank
MADISON, Ind. -- November 09, 2012
River Valley Bancorp (NASDAQ: RIVR) on November 9, 2012, completed its
acquisition of Dupont State Bank, an Indiana commercial bank wholly owned by
Citizens Union Bancorp of Shelbyville, Inc. Under the terms of the agreement,
River Valley Bancorp acquired all outstanding shares of common stock of Dupont
State Bank at an aggregate purchase price of $5.7 million, payable in cash.
In conjunction with the acquisition, River Valley Financial Bank converted
from a federally chartered thrift to a state chartered bank by merging with
and into Dupont State Bank which has been renamed River Valley Financial Bank.
With the completion of the merger, the combined company will have
approximately $493 million in assets, $310 million in loans and $385 million
in deposits. The acquisition will expand River Valley’s branch network to
North Vernon, Seymour and Dupont, Indiana. The combined company will have
twelve branches across southeast Indiana and northern Kentucky. River Valley
does not expect to close any of the Dupont branches.
Barnes & Thornburg LLP served as legal advisor to River Valley Bancorp. Frost
Brown Todd LLC served as legal advisor to Dupont State Bank. Keefe, Bruyette &
Woods served as financial advisor to River Valley Bancorp. Professional Bank
Services served as financial advisor to Dupont State Bank.
About River Valley Bancorp
River Valley Bancorp is a $407 million unitary savings and loan holding
company whose activities are primarily limited to holding the stock of River
Valley Financial Bank. The Bank conducts a general banking business in
southeastern Indiana and Carroll County, Kentucky which consists of attracting
deposits from the general public and applying those funds to the origination
of loans for consumer, residential and commercial purposes. More information
on River Valley Bancorp may be obtained by visiting www.rvfbank.com
River Valley Bancorp
Matthew P. Forrester, President, CEO, 812-273-4949
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