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MutualBank hits record profit amid acquisition

(photo courtesy of MutualBank)

MUNCIE, Ind. (Inside INdiana Business) — Muncie-based MutualFirst Financial Inc. (Nasdaq: MFSF) is reporting record full-year net income of $23.8 million in 2019, up from $18.9 million the previous year. The earnings report comes as the parent of MutualBank is set to be acquired by Pennsylvania-based Northwest Bancshares Inc. (Nasdaq: NWBI).

The bank says the $346 million acquisition still requires approval by MutualFirst shareholders, as well as other customary regulatory approvals. The acquisition is expected to be completed during the second quarter.

MutualFirst is also reporting record fourth-quarter net income of $6.6 million, up from $5.3 million during the same period in 2018. 

“We are pleased with our record performance in 2019,” David Heeter, chief executive officer of MutualFirst, said in a news release. “We also are very excited about joining the Northwest team. Northwest has demonstrated a similar commitment to its clients, employees and the communities it serves, shares our core values and has an outstanding record of enhancing shareholder value.”

The acquisition announcement came just two weeks after the sudden death of President and Chief Operating Officer Pat Botts. Heeter was named president and CEO shortly after Botts’ passing.

You can view the complete full-year earnings report by clicking here.