Muncie’s MutualFirst Financial and Mutual Bank Expanding to Bloomfield

Muncie-based MutualFirst Financial has announced plans to acquire Universal Bancorp Inc. in Bloomfield. The parent of MutualBank says the deal, valued at more than $65 million in cash and stock, is expected to close in the first quarter of 2018. Universal is the parent of BloomBank which, upon closing of the acquisition, will be integrated into the MutualBank brand. MutualFirst says the deal will increase its number of branches to 40 and the combined company will have $2 billion in total assets.