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MutualBank Closes on Acquisition of Fort Wayne Mortgage Company

Published Friday, August 1, 2014 8:00 am by MutualBank

 

MUNCIE, INDIANA – (NASDAQ:MFSF) MutualBank is pleased to announce that it has closed on its acquisition of Summit Mortgage, Inc., a mortgage banking company headquartered in Fort Wayne,Indiana. The transaction has received all regulatory approvals and is expected to close in August 2014. Summit Mortgage has been serving Fort Wayne and the surrounding communities for nearly twenty years. They excel in conventional, construction, FHA and Veteran lending as well as no PMI programming and USDA Rural Development lending. They have a strong reputation as being honest and knowledgeable.Summit Mortgage is a part of the Indiana Mortgage Bankers Association, the Better Business Bureau, Fort Wayne Area Association of Realtors and Home Builders Association.

“The team at Summit Mortgage, led by Shawn McArdle and Vicki Reed, has built an incredible business over the last twenty years,” says Pat Botts, President and COO of MutualBank. “By welcoming Summit’s staff to the MutualBank team, we hope to expand the offerings to Summit’s customers. Being backed by a financial institution gives Summit’s customers alternatives and possibilities beyond the current solutions.” McArdle and Reed will continue to manage Summit Mortgage as President and Vice President, respectively.

“We look forward to the positive results of our partnership with MutualBank,” President and Loan Originator at Summit Mortgage, Shawn McArdle says. “We appreciate the investment MutualBank is making in Summit Mortgage. We look forward to a more comprehensive array of products and services as we continue to provide excellent care for our customers in Northeastern Indiana and Southern Michigan.”

Beasley & Gilkison, LLP provided legal representation to MutualBank in the transaction and Summit Mortgage, Inc. was represented by Barrett & McNagny, LLP.

MutualFirst Financial, Inc. is the parent company of MutualBank, an Indiana-based financial institution. The company has thirty full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank also has two offices located in Carmel and Crawfordsville, Indiana specializing in wealth management and trust services and a loan origination office in New Buffalo, Michigan. MutualBank is a leading mortgage lender in each of the market areas it serves, and provides a full range of financial services including business 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” and can be found online at www.bankwithmutual.com.

Contact: Pat Botts, President and COO
Phone Number: 765-747-2900

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Interesting Facts About Computer Security

In light of the fun fact countdown we have been posting for our 125th Anniversary, our Information Security Department has put together a list of interesting facts about computer security. While they aren't "fun", they should give you an idea of how important it is to take proactive steps to protect you and your data!

  • The first recorded “hackers” were from 1878, only 2 years after the telephone was invented, a group of teenagers were running switchboards for telephones.  They were later fired because they were more interested on how the telephone system worked then making proper connections.  They tried to hack the system to see how it worked.
  • The largest data breach is history was in 2007 where at least 160 million credit and debit card numbers were stolen and a loss of around $200 million as a result.  Albert Gonzalez, one of the persons behind the data breach, was prosecuted and sentenced to 20 years in prison.

  • 3 out of 4 Americans will be a victim to cyber-crime.

  • Data breach investigations increased 54% from 2012.

  • The United States is number one in cyber-crime victims at a whopping 59%.  After that is the United Kingdom at 14%.

  • Retail is the top industry that has been compromised at 35% of all cyber-attacks.

  • The top malware hosting country is the United States at 42%.

  • The most exploited program for vulnerabilities is Java at 78% of all vulnerablities.

  • 85% of all exploits were third-party programs. 

  • The median number of days for a victim of cyber-crime to know they have been compromised is 87 days.

  • 31% of all compromises were a result of weak passwords.

  • The top 5 compromised passwords in 2013 were:

- 123456
- 123456789
- 1234
- Password
- 12345

  • Spam still accounts for 70% of all inbound emails in 2013.

  • 58% of spam e-mail contains information about pharmaceuticals.

  • The top malicious e-mail subject line in 2013 was “Some important information is missing”.

  • The top 6 vulnerabilities

- SQL Injection
- Cross-Site Scripting
- Use of Default Passwords
- Configuration Issues
- Weak Encryption Ciphers
- Denial-of-Service

  • 100% of all mobile apps have had vulnerabilities in them ranging from low severity to critical severity.

  • 68% of mobile vulnerabilities create information leakage which is the highest of mobile vulnerabilities.

  • From 2008 until now, an estimated $1 trillion dollars of data was stolen around the world due to cyber-crimes.

  • In 2009 the world’s largest bot net, a large group of “zombie” computers, were run by Ukrainian gangs with a total of 1.9 million zombie computers from all around the world.

  • 5 cyber-criminals are on FBI’s most wanted list and are responsible for losses ranging from $350,000 - $100 million.

  • The United States loses around $100 billion a year due to cyber crimes.

  • More than 600,000 Facebook accounts alone are compromised every day.

  • 33.63% computers are affected by malware.

- 78.92% are Trojans
- 10.78% are worms
- 7.44% are viruses
- 2.69% are adware
- 0.17% are other malware

 

Sources:
www.floridatechonline.com/online-degree-resources/interesting-facts-on-cyber-security/ 

www.visual.ly/interesting-facts-about-internet-threats-and-security 

Tuesday, August 5, 2014

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