State Bank of Medora has agreed to be acquired by New Independent Bancshares, Inc.
THE TRANSACTION
On July 16, 2025, New Independent Bancshares, Inc. (“New Independent”), the parent company of The New Washington State Bank (“NWSB”), headquartered in Charlestown, IN, and State Bank of Medora, located in Medora, IN, jointly announced the signing of a definitive agreement whereby New Independent will acquire State Bank of Medora. Upon the consummation of the merger, State Bank of Medora will become part of NWSB. The transaction, which has been approved by the Board of Directors of each company and is subject to shareholder and regulatory approval, is expected to close in the second half of 2025.
Following the close of the transaction, the combined market presence is expected to total approximately $725 million in total assets, with 11 banking offices located in Southern Indiana.
Donnelly Penman & Partners, Inc. acted as financial advisor to State Bank of Medora, and the law firm of Barnes & Thornburg, LLP, acted as its legal counsel.
Our Client
State Bank of Medora
State Bank of Medora, which was established in 1933, is a locally owned, independent community bank. State Bank of Medora operates 1 branch in Medora, IN and serves residents of Jackson, Lawrence, and Washington counties. As of March 31, 2025, State Bank of Medora had approximately $100 million in total assets. To learn more, please visit: MedoraBank.com
Transaction Partner
The New Washington State Bank
The New Washington State Bank, founded in 1908, operates with 10 branches in Southern Indiana. As of March 31, 2025, New Washington State Bank had approximately $625 million in total assets. To learn more, please visit: NewWashBank.com
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