Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
RIVR > SEC Filings for RIVR > Form 8-K on 5-Sep-2013All Recent SEC Filings

Show all filings for RIVER VALLEY BANCORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for RIVER VALLEY BANCORP


5-Sep-2013

Entry into a Material Definitive Agreement, Other Events, Financial Statemen


ITEM 1.01. Entry Into a Material Definitive Agreement

On September 4, 2013, River Valley Financial Bank (the "Bank"), the wholly-owned Indiana commercial bank subsidiary of River Valley Bancorp (the "Registrant"), entered into a Branch Purchase and Assumption Agreement (the "Purchase Agreement") with Old National Bank ("ONB"). ONB is a national banking association that has its home office in Evansville, Indiana, and operates a branch banking office at 820 S. Buckeye Street, Osgood, Indiana (the "Branch Office"). The Purchase Agreement sets forth the terms and conditions for the Bank to acquire certain assets and assume certain liabilities of the Branch Office and thereafter operate the Branch Office as the Bank's branch.

The Bank's acquisition of the Branch Office is subject to various customary closing conditions, including regulatory approval by the Federal Deposit Insurance Corporation and the Indiana Department of Financial Institutions. The Registrant anticipates that the transaction will close in the fourth quarter of 2013.

Pursuant to the Purchase Agreement, the Bank will acquire the following assets of the Branch Office: (i) the real estate, buildings and fixtures relating to operation of the Branch Office; (ii) certain fixed assets and tangible personal property in use at the Branch Office; (iii) cash on hand; and (iv) the Branch Office's facsimile and telephone numbers. In addition, the Bank will assume substantially all deposits associated with the Branch Office.

In consideration for this transaction, the Bank will pay ONB the net book value of the real and personal property acquired and a premium on deposits of 2%. This purchase price will be reduced by the deposits assumed by the Bank at closing. As of June 30, 2013, those deposits totaled approximately $8.5 million. The Bank need not close the transaction if deposits are less than $6,650,000 million at closing.

ONB and the Bank make certain customary representations and warranties in the Purchase Agreement, including representations and warranties by ONB concerning the Branch Office and the assets and liabilities to be transferred to and assumed by the Bank. Those representations and warranties will, subject to a threshold limitation, survive the closing for 12 months.

For 18 months after the closing, ONB cannot solicit the deposit customers acquired by the Bank for banking business, subject to limited exceptions, and may not open a branch within a 15-mile radius of the Branch Office.

If the transaction contemplated by the Purchase Agreement is not consummated by March 31, 2014, the Purchase Agreement will terminate, unless the date is extended by mutual written consent of the parties.

The foregoing description is a summary of the terms and conditions of the Purchase Agreement and is qualified in its entirety by reference to the entire Purchase Agreement, a copy of which is attached as Exhibit 10.1 to this Form 8-K and incorporated herein by reference.




ITEM 8.01. Other Events

On September 5, 2013, the Registrant issued a press release announcing the execution of the definitive agreement to acquire the bank branch operated by ONB in Osgood, Indiana. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits.

     Exhibit No.   Description

        10.1       Branch Purchase and Assumption Agreement by and among River Valley
                   Financial Bank and Old National Bank dated September 4, 2013

        99.1       Press Release dated September 5, 2013


  Add RIVR to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for RIVR - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.