Independent Alliance Banks, Inc.
Location: Fort Wayne, IN
Independent Alliance Banks, Inc. (“IAB”) Fort Wayne, Indiana was a $1.1 billion banking company operating 17 offices in northeast Indiana. For more than a decade, ProBank Austin provided consulting and investment banking services to IAB. Services included asset liability consulting, strategic planning, merger and acquisition assistance and general consulting. In July 2017 IAB merged with First Merchants Corporation in an all-stock deal valued at $286 million. The deal value represented 265% of IAB’s tangible book value and is one of the highest priced deals ever in Indiana. ProBank Austin was honored to be the exclusive financial advisor to IAB on the transaction.
Mike Marhenke, former President & CEO of IAB and a current member of the board of directors of First Merchants, noted:
“Having worked closely with ProBank for a number of years we developed a real sense of trust in their staff and their knowledge of our industry. When it came time for our company to pursue a “sell” strategy, we only thought of ProBank to assist us in the process. They represented us with the highest degree of integrity and were able to not only get a superior price, but also found an acquirer that best aligned with our bank culture. Bank directors, management, employees and shareholders were very positive about our deal! We were very pleased to have ProBank on our team!” – Mike Marhenke
- Management Consulting
- Investment Banking
- Strategic Consulting