The Fountain Trust Company, Covington, completed its acquisition of The Gifford State Bank, Gifford, IL, on March 10. The all-cash transaction marks Fountain Trust’s first expansion outside of Indiana.
“We have been looking for a strategic acquisition partner that is a natural extension of our current market area in order to ensure we remain an independent community bank for generations to come. In Gifford, we believe we have found the ideal partner”, Lucas White, president of The Fountain Trust Company, said when the acquisition was announced in October 2025. “As a fourth-generation, family-owned community bank based in rural west-central Indiana, we are committed to serving our communities and believe that our communities thrive with the support of a stable, community and customer-focused community bank. This acquisition will enable The Fountain Trust Company to remain an independent community bank and help the communities of Gifford, Saint Joseph, Potomac and Thomasboro thrive for decades to come.”
The combined organization has approximately $850 million in total assets with more than 165 employees across eight counties in Indiana and Illinois.
“The merging of these two established institutions allows us to provide a broader range of banking services to our customer base, and our larger combined lending limit will allow us to continue to grow and become a bigger player in our communities,” said Tony McLain, president & CEO of Gifford. “Throughout this process, we wanted to find a partner that would understand the value of our communities and that would continue supporting our customers. We believe we have found the perfect partner in The Fountain Trust Company because they are a family-owned community bank. The Fountain Trust Company values stability, longevity and helping their customers above all else. That mentality will serve our communities well in the long run.”
Performance Trust Capital Partners LLC, an IBA associate member, served as financial advisor on this transaction for Fountain Trust, and IBA Diamond Associate Member Amundsen Davis LLC served as the bank’s legal counsel.
