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MutualFirst president/CEO to also lead banking unit

The board of Muncie, Ind.-based MutualBank named David Heeter president and CEO, effective immediately.

Heeter is also the president and CEO of MutualFirst Financial Inc., the bank's parent. The appointment was made after the death of Patrick Botts, who was MutualBank's president and COO, and executive vice president and a director of MutualFirst.

MutualFirst and MutualBank also reduced the size of their boards to 12 members from 13 members.