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MutualFirst-Universal deal includes $2.5M termination fee

MutualFirst Financial Inc.'s merger agreement with Universal Bancorp contains a $2.5 million termination fee, payable under certain circumstances.

The Indiana banks' merger may be called off, for example, if not closed by June 30, 2018, or if MutualFirst's average stock closing price falls below $28.24 and underperforms the Nasdaq Bank Index by more than 20%.

The termination fee, if applicable, will be payable by Universal.