PL Capital has taken a $7 million stake in MutualFirst Financial (MFSF) in Muncie, Ind.
Funds controlled by the investor group bought 8% of the outstanding common stock of MutualFirst in a series of purchases from late February through early April, according to a
PL Capital, which is led by John Palmer and Richard Lashley, typically invests in banks with market capitalizations between $50 million and $3 billion and tries to improve their profitability through shareholder activism.
The $1.4 billion-asset MutualFirst is the parent of MutualBank, which has 31 offices in Indiana. It made $5.8 million last year, according to its
In February, Orrstown Financial Services (ORRF) in Pennsylvania
Neither PL Capital nor MutualFirst immediately responded to requests for comment.