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Evansville Teachers FCU to buy American Founders Bank

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Evansville Teachers FCU to buy American Founders Bank

Evansville, Ind.-based Evansville Teachers FCU is buying American Founders Bank Inc. of Louisville, Ky., Louisville Business First reported.

Terms of the deal were not disclosed. The acquisition brings Evansville Teachers more branches in Louisville, where it already has two mortgage loan offices, according to the publication. And with it, Evansville Teachers will expand mortgage subsidiary First Liberty Financial Group LLC's loan and deposit products.

SNL valuations for bank and thrift targets in the Midwest region between March 12, 2017, and March 12, 2018, averaged 159.49% of book, 165.16% of tangible book and had a median of 20.07x last-12-months earnings, on an aggregate basis.

Evansville Teachers had $1.46 billion at the end of 2017; American Founders had $113.4 million. The deal is still subject to regulatory approval. Completion is expected later in 2018.

American Founders operates two branches in Jefferson County, Ky., ranked No. 17 with a 0.44% share of approximately $19.95 billion in total market deposits.

Milynco Financial served as Evansville Teachers' financial adviser; Michael Bell of Howard & Howard acted as legal counsel. For American Founders, it was ProBank Austin, with Craig Mancinotti as lead adviser, and Dinsmore & Shohl LLP.

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