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Ruoff Financial to buy Indiana-based SBB Bancshares

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Ruoff Financial to buy Indiana-based SBB Bancshares

In Indiana, Fort Wayne-based Ruoff Financial Corp. is buying Burnettsville-based SBB Bancshares Inc. in a cash transaction.

The deal, which is subject to SBB shareholder and regulatory approvals, is anticipated to close in the fourth quarter. In conjunction with the proposed deal, Ruoff Financial will file the necessary regulatory applications to buy SBB and become a bank holding company.

SBB unit State Bank of Burnettsville is expected to operate as Ruoff Bank once the transaction is complete. All employees are expected to keep their jobs.

State Bank of Burnettsville had $36.0 million in assets as of March 31, according to SNL data.

SBB was advised by Renninger & Associates LLC and law firm Barnes & Thornburg LLP. Ruoff was advised by law firm SmithAmundsen LLC.

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