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Muncie bank buys Fort Wayne mortgage company

MutualBank of Muncie has agreed to acquire Summit Mortgage Inc. of Fort Wayne, the bank has announced.

The price was not disclosed.

The transaction has received regulatory approvals and is expected to close in August, the bank said in a statement.

Shawn McArdle and Vicki Reed will continue to manage Summit Mortgage as president and vice president, respectively, the statement said.