UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 23, 2016
MUTUALFIRST FINANCIAL, INC. | ||
| (Exact name of registrant as specified in its chapter) | ||
| Maryland | 000-27905 | 35-2085640 | ||
| (State or other jurisdiction of incorporation | (Commission File Number) | (IRS Employer Identification No.) |
110 E. Charles Street, Muncie, Indiana | 47305-2419 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code (765) 747-2800
Not Applicable |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 8.01. Other Events
On November 23, 2016, the Registrant’s wholly owned subsidiary, MutualBank, announced that it intends to close four branches in the first quarter of 2017 and consolidate operations into other nearby branch locations. MutualFirst Financial, Inc. expects to take a one-time charge in the fourth quarter of 2016 of approximately $400,000 - $500,000 to properly markdown the locations to market value, as well as, severance costs for affected employees, shortened useful lives of furniture and equipment and other costs related to the consolidation. Beginning in 2017, the Registrant expects a positive increase in pre-tax income of approximately $400,000-$500,000 on an annual basis primarily due to the anticipated reduction in non-interest expenses.
MutualFirst Financial, Inc. is the parent company of MutualBank, an Indiana-based financial institution since 1889. MutualBank has thirty-one full-service retail financial centers in Allen, Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank has two offices located in Fishers and Crawfordsville, Indiana specializing in wealth management and trust services and a loan origination office in New Buffalo, Michigan. MutualBank also operates a wholly owned mortgage banking subsidiary named Summit Mortgage which operates out of Fort Wayne, Indiana. MutualBank provides a full range of financial services including commercial and business banking, personal banking, wealth management, trust services, investments and internet banking services. The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF.” Additional information can be found online at www.bankwithmutual.com.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| MUTUALFIRST FINANCIAL, INC. | |||
| Date: November 23, 2016 | By: | /s/ David W. Heeter | |
| David W. Heeter | |||
| President and Chief Executive Officer | |||
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