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MutualFirst Financial closes Universal Bancorp deal

In Indiana, Muncie-based MutualFirst Financial Inc. on Feb. 28 closed its acquisition of Bloomfield-based Universal Bancorp.

MutualBank had $1.59 billion in assets at the end of 2017; Universal's BloomBank had $387.8 million. The combined company has $2 billion in assets and 40 branch offices throughout Indiana, according to the press release.

Universal Chairman Mark Barkley and board member Brian Hewitt have joined the boards of MutualFirst and MutualBank.