The Dupont State Bank will soon have a new name. The bank is merging with River Valley Bancorp and will be renamed River Valley Financial Bank.
"By joining forces with River Valley, we will be able to enhance the products and services that we offer to our customers," said Jeff Rayburn, Dupont State Bank CEO and senior lender. "This combination provides our customers a larger branch network to effectively and efficiently conduct their business in Southern Indiana. River Valley is a well capitalized institution that provides us a strong base for future lending."
Under terms of the agreement, River Valley Bancorp will acquire all outstanding shares of common stock of Dupont State Bank for $6.275 million.
The transaction is expected to be completed within six months. The combined company will have approximately $484 million in assets, $322 million in loans and $373 in deposits. As of Sept. 30, Dupont State Bank had $62 million in loans, $74 million in deposits and total equity of $7.6 million. It is listed as a $82 million commercial bank and is now owned by Citizens Union Bancorp of Shelbyville, Ky. Dupont State Bank became part of the Citizens Union Bank family in 2001 when that financial institution purchased it, though Dupont continues to operate under its own state charter.
Founded in 1910, Dupont State Bank operated a branch in Vernon from 1989 to 2003, closing that branch after opening a lobby in North Vernon at 220 N. State St., the former location of Hardee's Restaurant, which formerly was used by the now defunct Burger Chef chain. In 2007, it opened a new Loan and Operations Center next to its North Vernon branch, then added a branch in Seymour. River Valley does not expect to close any of the Dupont branches.
River Valley Financial Bank was formerly Madison First Federal, founded in 1875 and merged with Citizens National Bank in 1997. It currently has locations in Madison, Hanover, Charlestown, Sellersburg, Floyds Knobs, New Albany and Carrollton, Ky. It is a $402 million unitary savings and loan holding company that will convert from a federally charted thrift to a state charter bank with the merger.
© 2025 North Vernon Plain Dealer and Sun