Ameriana's ownership interest in Indiana Title Insurance Company (ITIC) is 20.94%
Ameriana Bancorp is set to sell stake in Indiana Title Insurance. Ameriana Bancorp, the parent company of Ameriana Bank, along with its joint-venture partners First Merchants Corporation and Mutual First Financial, has closed on an agreement to sell the assets of Indiana Title Insurance Company to
IN Title Company, a newly formed company led by current ITIC executives.
Ameriana’s ownership interest in Indiana Title Insurance Company (ITIC) is 20.94%. The company expects to incur a loss of approximately $225,000 on the sale of this interest which will be reported in its fourth quarter 2008 results.
Jerome Gassen, president and CEO of Ameriana Bancorp, said: As part of our continued efforts to strengthen our commercial focus and reach new markets, we have made the decision to dispose of our interest in this business that is, at best, ancillary to our primary banking operations. We intend to redeploy the capital from this business to support more attractive growth opportunities in our core operations.
Ameriana Bancorp is a bank holding company. Through its wholly owned subsidiary, Ameriana Bank, SB, the company offers an extensive line of banking services and provides a range of investments and securities products through banking centres in the central Indiana.