March 19, 1992 |
Midwest Banks to Merge: Detroit-based NBD Bancorp, already among the nation's 25 biggest bank holding companies, said it will acquire Indiana's last major independent bank, INB Financial Corp. The move makes NBD Bancorp a $40-billion lender with the most assets in Michigan and Indiana. The stock swap valued at about $876 million was welcomed by INB shareholders, who will be paid a premium. In over-the-counter trading, INB's stock soared $7 to $43.