Just two years after crossing the $3 billion in assets threshold, Merrillville-based Centier Bank has reached an even loftier summit: $4 billion in assets.
The family owned bank, the largest privately held bank in Indiana, has joined an exclusive club. Only five other banks headquartered in Indiana — Old National, First Merchants, 1st Source, Lake City and Main Source — have amassed more than $4 billion in assets, according to iBanknet. Michigan City-based Horizon Bank has more than $3.9 billion in assets and appears likely to soon reach that milestone as well.
The Federal Deposit Insurance Corp. reported that, as of 2015, only 596 banks nationally had between $1 billion and $10 billion in assets. Centier first reached the $1 billion mark 17 years ago, in 2001.
“Centier is off to a tremendous start in 2018 and I am proud to see the success we continue to build upon year after year,” President and CEO Mike Schrage said. “We are getting stronger, and as a result, the communities we are serving are getting stronger. I look forward to continuing this growth as we prosper as Indiana’s largest private family-owned bank.”
Centier closed $32 million in loans in April, with 10 loan officers each exceeding $1 million in closed loans in a single month.
The bank is eyeing more growth, including a recent $1 million expansion for the Technical Solutions Department at the Centier Corporate Centre tower in Merillville, and a new branch coming to Michigan City next year. It will open a new location in Fishers in suburban Indianapolis in July, and recently broke ground on an Elkhart branch in northern Indiana.
Centier, which currently has 60 locations across Indiana, has been investing in technology, offering customers Money Management personal finance software and a QuickBooks integration. It recently launched a new streamlined application process for mortgages and will soon launch free Wi-Fi in 30 of its branches.