Merchants National Corporation

After that date, Indiana allowed very limited branching, but did allow the purchase of banks by holding companies anywhere in the state as long as total deposits that were controlled by a holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.

[14] In November 1985, MNC announced the pending acquisition of the Carmel-based US Bancorp with its Union State Bank subsidiary that was already controlled by the Frenzel family.

[16] In December 1985, MNC announced the pending acquisition of the Anderson-based Anderson Banking Company for an undisclosed amount.

[18] In January 1986, MNC announced the pending acquisition of the three month old Danville-based Alliance Bancorp with its Mid State Bank of Hendricks County subsidiary for an undisclosed amount.

[16] In February 1986, MNC announced the pending acquisition of the Greenwood-based NBG Financial Corporation with its Farmers National Bank subsidiary for $13.2 million in stock.

[22] In March 1986, MNC announced the pending acquisition of the Seymour-based Mid-Southern Indiana Bancorp with its Seymour National Bank subsidiary for an undisclosed amount.

[29] In December 1986, MNC announced the pending acquisition of the Madison-based Ohio Valley Bancorp with its Madison Bank & Trust Company subsidiary for an undisclosed amount.

National City eventually sold Madison Bank & Trust to MainSource Financial Group in 2005 for an undisclosed amount.