BLOOMFIELD — MutualFirst Financial Inc. and Universal Bancorp announced Oct. 4, that they have entered into a definitive agreement. Upon the closing of the transaction, expected in early 2018, BloomBank, the wholly-owned bank subsidiary of Universal, will merge into MutualFirst’s wholly-owned bank subsidiary, MutualBank. The merger will expand MutualFirst’s presence into central and southern Indiana. At closing, the combined company is expected to have $2 billion in total assets and a branch network of 40 branches.

BloomBank, headquartered in Bloomfield with 13 full-service branches located throughout central and southern Indiana, has been providing financial services to customers since 1873. MutualBank, with 27 full-service branches, started operations in 1889. Both companies have operated with and intend on continuing the dedication to providing financial services and sound financial advice for the local communities.

Mark Barkley, chairman of Universal and BloomBank said, “We view MutualFirst as a larger version of BloomBank, with a continued strong commitment to the communities we serve, our customers and our dedicated employees.  It is a natural evolvement to move forward with a strong partner with increased opportunities for all.”

Those increased opportunities mean potentially expanding the services currently available for BloomBank customers. Simultaneously, it grows MutualBank’s footprint into central and southern Indiana.

“It’s vitally important to us to continue the dedication of caring for our employees,” says Barkley. “MutualFirst has a great track record of working with its employees.”

Dave Heeter, president and CEO of MutualFirst said, “Our company vision is simple: we exist to help people live better lives. We exist to help our employees, customers and communities live better lives.”

William McNeely, president of Universal noted, “We are pleased to join with a partner like MutualFirst that shares our commitment to community banking. The larger size of the combined company will benefit our customers and communities with a broader array of products and services.  We are very pleased to find a partner who we think is a mirror image of BloomBank in their commitment to community, customers and staff.”

The definitive agreement is currently in the regulatory approval process. Once approved, BloomBank and MutualBank will work toward the joint environment, extending the legacy of BloomBank while serving the great communities of central and southern Indiana.