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Indiana National Bank scored a double play last week when it won the bidding war for the failed Allen County Bank and Trust Co.
By acquiring the Allen County bank, INB establishes a presence in the state's second-largest banking market. Officials of the bank said it might have taken years to gain a foot-hold in Allen County otherwise.
INB also used the occasion to claim a title previously held by American Fletcher National Bank, that of being the state's largest bank.
"Indiana National Bank is Indiana's largest bank and the largest affiliate of Indiana National Corp., Indiana's largest multibank holding company," said a press release announcing the Allen County Bank and Trust Co. acquisition.
INB officials said it was the first time they publicly stated that the bank is the largest in the state. (That claim, however, is disputed by AFNB spokesmen, who say the count won't be official until the end of the fiscal year.)
INB acquired the Allen County bank Friday, Nov. 22, just a few hours after the Indiana Department of Financial Institutions took possession of the bank. The department took possession at the close...