Ruoff Financial getting into banking

Indiana’s Ruoff Financial, a mortgage company, is getting into banking with an announced acquisition of SBB Bancshares Inc., Burnettsville, Ind.

After the deal closes in the fourth quarter, SBB subsidiary State Bank of Burnettsville will be renamed and operate as Ruoff Bank. State Bank has $36 million in assets, $35 million in deposits and two branches, in Burnettsville and Monticello, Ind.

Fort Wayne-based Ruoff Financial Corp., is the parent of Ruoff Home Mortgage, which has 500 employees at 28 branches in four states. It will file all required regulatory applications to acquire SBB and become a bank holding company in conjunction with the proposed acquisition.

“The White County market is well known to us and partnering with SBB will not only strengthen our brand in their home market, but also provide us a platform to begin offering deposit and other traditional banking services to residential mortgage customers throughout our entire mortgage market footprint,” said Ruoff Chairman Mark Music.

SBB was founded in 1902 and serves customers in White, Carroll and Cass counties.

Financial terms weren’t disclosed, and no layoffs are expected.