DETROIT -- NBD Bancorp of Detroit and INB Financial Corp. of Indianapolis announced a definitive agreement Wednesday under which NBD would acquire INB.
NBD Bancorp is the nation's 24th largest bank holding company based on year-end 1991 assets. With the January 1992 acquisition of Gainer Bank in Merrillville, Ind., NBD has assets of $31 billion.
NBD now operates 457 domestic and 10 foreign offices through 25 subsidiary banks, including NBD Bank, N.A., the largest in Michigan; Gainer in northwest Indiana and Midwest Commerce Banking Co., Elkhart; 20 banks in Illinois, one in Ohio and a savings bank in Florida.
NBD also has pending a merger with Summcorp, a $2.5 billion, five- bank holding company headquartered in Fort Wayne, Ind. NBD's total assets following the merger with INB and Summcorp will be $40 billion.
INB Financial Corp. is a $6.6 billion-asset bank holding company. Its six banks operate 124 offices in key Indiana markets including dominant positions in the central and southern parts of the state.
The six banks are INB National Bank in Indianapolis; INB Banking Co. in Jeffersonville; INB Banking Co. North in Chesterton; INB Banking Co. Northeast in Fort Wayne; INB Banking Co. Southwest in Evansville and INB National Bank Northwest in Lafayette.
At year-end 1991, INB had deposits of $5.2 billion and shareholders' equity of $462 million. INB's earnings for 1991 were $48.1 million.
'The combination of NBD and INB will create an organization that will be the premier bank in Indiana, said Charles T. Fisher III, chairman and president of NBD Bancorp.
After the merger, and including the assets of Summcorp, NBD will have $11.4 billion in assets in Indiana, making it Indiana's largest banking organization.
The agreement, valued at approximately $876 million, would exchange 1.6 shares of NBD common stock for each share of INB's common stock. The exchange ratio is fixed except for a possible adjustment if NBD's stock price exceeds a specified level. NBD would issue approximately 29.5 million shares.