Turnaround specialist Francis takes new job

May 23, 2007
Gerald R. Francis, who has engineered the sale of two Indiana banks to out-of-state concerns, has joined Financial Stocks Inc. of Cincinnati as managing director of its private equity group.

Francis will identify and evaluate opportunities to recapitalize or turn around community banks and thrifts.

Francis, who will work from Indianapolis, revived Kokomo-based First National Bank & Trust before leading its January sale for $290 million to Harris Bancorp, a Chicago-headquartered unit of Bank of Montreal. First National, which has branches in the Indianapolis area, was owned by Mark and Hart Hasten.

Francis also oversaw the $228 million sale of People's Bank and Trust Co. in Indianapolis to Fifth Third Bancorp of Cincinnati in 1999.
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