INDIANAPOLIS -- AmeriTrust Corp. of Cleveland has agreed to buy Midwest National Bank, giving it a base in Indianapolis.
AmeriTrust already owns a number of banks in counties around Indianapolis, but this marks its first major acquisition of a financial institution in the Hoosier capital.
The bank was purchased from Irwin Union Corp. of Columbus, Ind., which acquired the small Indianapolis bank in April 1985.
Terms of the sale were not announced, but Irwin Union said the sale caused it to realize an after-tax gain of $2.15 per share over what it paid for the bank. Irwin Union had about 620,000 shares, meaning the gain would be more than $1.3 million. Irwin Union paid about $6.7 million for Midwest National.