MutualFirst shareholders say 'yes' to $52.7 million merger with MFB

By Lisa Kerner

Charlotte, N.C., June 12 - MutualFirst Financial, Inc. said its shareholders approved the company's merger with MFB Corp. at the company's annual meeting.

The two organizations will form a financial institution of nearly $1.5 billion in assets with 33 offices in eight counties in Indiana, according to a MutualFirst news release.

In January, the companies announced an agreement to merge MFB into MutualFirst in a cash and stock deal valued at about $52.7 million.

MFB shareholders can elect to receive 2.59 shares of MutualFirst common stock or $41 in cash, or a combination of both, for each share of MFB common stock, subject to proration.

MFB Financial, the bank subsidiary of MFB, will merge into Mutual Federal Savings Bank, the bank subsidiary of MutualFirst. This merger will take place concurrently with the merger of MFB into MutualFirst, a prior news release stated.

MutualFirst stockholders also approved the company's 2008 stock option and incentive plan and ratified the appointment of BKD, LLP as the company's independent auditors for the fiscal year ending Dec. 31, 2008. Re-elected to the board of directors were Linn A. Crull, Wilbur R. Davis and Jon R. Marler.

MutualFirst Financial, based in Muncie, Ind., operates as the holding company for Mutual Federal Savings Bank.

MFB, the holding company for MFB Financial, is located in Mishawaka, Ind.

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