MainSource Bank Acquiring Cheviot Savings Bank

By Mike Perleberg (Greensburg, Ind.) - Greensburg-based MainSource Bank is making a major acquisition to heighten its presence in the tri-state. Yesterday, MainSource announced that it will acquire Cheviot Financial Corporation, the holding company of Cheviot Savings Bank, in a deal valued at $107.4 million The deal unanimously approved by both banks’ boards is expected to close in the second or third quarters of 2016, pending regulatory and stockholder approval. “We are very pleased to announce this merger. It will significantly expand our market presence in greater Cincinnati, an area where we have already been focusing, and presents an opportunity to prudently continue our growth as an organization,” said MainSource CEO Archie Brown. Brown added that the acquisition of Cheviot will increase MainSource’s market share by deposits in the Cincinnati MSA from 18th to 10th. MainSource will take control of operations and branding at 12 Cheviot Savings Bank branches in Hamilton County. Cheviot CEO Mark Reitzes, meanwhile, called MainSource the “ideal choice as Cheviot’s partner.” "We believe that our employees, customers, shareholders and community will benefit greatly from this partnership. MainSource has a larger lending capacity and a much broader array of banking products and services, and they have the same commitment to delivering excellent customer service," Reitzes said. As of September 30, Cheviot had approximately $576.6 million in assets, $365.1 million in loans, $459.9 million in deposits and $96.9 million of total equity. By comparison, MainSource has about $3.2 billion in assets, $226 million in local deposits, as of June 30. It was just last year that MainSource acquired MBT Bancorp, the holding company of West Harrison-based Merchants Bank and Trust Co, in a $35 million deal. In February, MainSource purchased several Old National Bank branches in Indiana and Ohio. RELATED STORIES: MainSource Buys Up More Indiana Banks MainSource, Merchants Banks Complete Merger MainSource, Merchants Bank Reach Merger Agreement