New Independent Bancshares, Inc., the parent company of The New Washington State Bank, headquartered in Charlestown, and State Bank of Medora, located in Medora, in southwest Jackson County, last Wednesday jointly announced the signing of a definitive merger agreement whereby New Independent will acquire State Bank of Medora. The transaction, which has been approved by the Board of Directors of each company and is subject to shareholder and regulatory approval, is expected to close in the second half of 2025.
Based on the most recently reported financials, the combined institution is expected to have approximately $725 million in total assets and 11 banking offices located in Southern Indiana. Financial terms of the transaction were not disclosed.
“We are excited to welcome State Bank of Medora to the NWSB family,” said NWSB CEO Pat Daily. “Under President/CEO Dennis Wayman’s leadership, State Bank of Medora has built a strong reputation by consistently delivering premier service to customers and fostering deep connections in the community. For our current customers, this merger broadens our resources and footprint to serve them. For our shareholders, we believe that the transaction will help drive returns through the benefits of scale and a more diversified customer base.”
Dennis Wayman first joined the bank as a clerk in 1972 and became CEO of State Bank of Medora in 1982. He added President to his title in 1991 and has served as Chairman since 2001. “NWSB is the ideal partner to carry forward our legacy as a local economic engine for the communities we serve,” Wayman said. “Together, we will fulfill our mission to make banking better and easier for all of our customers across this expanded footprint. I especially look forward to the many opportunities available to the State Bank of Medora staff, customers and the community afforded by this partnership.”
State Bank of Medora opened in 1933 and has successfully grown to approximately $100 million in total assets and 15 full-time employees. NWSB is a 100-year-old bank with approximately $625 million in total assets and over 100 employees. It also has 10 banking offices located in Southern Indiana with another slated to open in the fourth quarter of 2025.
Frost Brown Todd LLP is serving as legal counsel to New Independent and Olsen Palmer LLC is serving as its financial advisor. Barnes & Thornburg LLP is serving as legal counsel to State Bank of Medora and Donnelly Penman & Partners is serving as its financial advisor.
The shareholders of State Bank of Medora will vote on the proposed merger at a special meeting of shareholders, which has not yet been scheduled. A proxy statement with additional information about the proposed merger will be mailed to shareholders of State Bank of Medora prior to special meeting.