First National Bank & Trust sale closes

January 5, 2007
Harris has closed its $290 million acquisition of First National Bank & Trust, the Kokomo bank owned by the Hasten family of Indianapolis, the Chicago institution announced today.

Harris is the U.S. arm of Bank of Montreal in Canada. It said in September it bought First National as part of a strategy to expand personal and commercial activity deeper into the Midwest.

At the time of the announcement, First National CEO Jerry Francis said Harris was so ambitious that it might eclipse Chase as the largest bank in Indiana. First National has 32 branches in Kokomo, Indianapolis and other areas of the state.

With $1.3 billion in assets, First National was one of the state’s largest privately owned banks.

Mark and Hart Hasten, brothers who are Orthodox Jews and who escaped Nazi Germany, plan to give away most of the proceeds from the sale, Francis said in September. Both have broad ecumenical interests.
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