MUTUALFIRST FINANCIAL, INC. (NASDAQ:MFSF) Files An 8-K Other Events
Item 8.01.Other Events
On November 23, 2016, the Registrants wholly owned subsidiary,
MutualBank, announced that it intends to close four branches in
the first quarter of 2017 and consolidate operations into other
nearby branch locations. MutualFirst Financial, Inc. expects to
take a one-time charge in the fourth quarter of 2016 of
approximately $400,000 – $500,000 to properly markdown the
locations to market value, as well as, severance costs for
affected employees, shortened useful lives of furniture and
equipment and other costs related to the consolidation. Beginning
in 2017, the Registrant expects a positive increase in pre-tax
income of approximately $400,000-$500,000 on an annual basis
primarily due to the anticipated reduction in non-interest
expenses.
MutualFirst Financial, Inc. is the parent company of MutualBank,
an Indiana-based financial institution since 1889. MutualBank has
thirty-one full-service retail financial centers in Allen,
Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and
Wabash Counties in Indiana. MutualBank has two offices located in
Fishers and Crawfordsville, Indiana specializing in wealth
management and trust services and a loan origination office in
New Buffalo, Michigan. MutualBank also operates a wholly owned
mortgage banking subsidiary named Summit Mortgage which operates
out of Fort Wayne, Indiana. MutualBank provides a full range of
financial services including commercial and business banking,
personal banking, wealth management, trust services, investments
and internet banking services. The Company’s stock is traded on
the NASDAQ National Market under the symbol MFSF. Additional
information can be found online at www.bankwithmutual.com.
About MUTUALFIRST FINANCIAL, INC. (NASDAQ:MFSF)
MutualFirst Financial, Inc. (MutualFirst) is the bank holding company of MutualBank (MutualBank or the Bank). The Bank offers financial services through approximately 30 full service retail financial center offices in Allen, Delaware, Elkhart, Grant, Kosciusko, Randolph, Saint Joseph and Wabash counties in Indiana. MutualBank also has trust offices in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan. The Bank has a subsidiary, Summit Mortgage, Inc., that operates a mortgage banking firm in Fort Wayne, Indiana. In addition, it originates residential mortgage and commercial loans. MutualWealth and MutualFinancial Advisors are the wealth management and brokerage divisions of the Bank that provide a range of fee-based financial services, including trust, investment, insurance, broker advisory, retirement plan and private banking services, in its market areas. MUTUALFIRST FINANCIAL, INC. (NASDAQ:MFSF) Recent Trading Information
MUTUALFIRST FINANCIAL, INC. (NASDAQ:MFSF) closed its last trading session 00.00 at 29.90 with 9,781 shares trading hands.