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In June 1985, Indiana National Corporation announced the pending acquisition of the Lowell-based Lowell National Bancorp with its Lowell National Bank subsidiary for $15.2 million. The acquisition of Lafayette National Bank was completed in November 1985 for $29.8 million while the acquisition of Fidelity Bank was completed in December for $11.5 million and the acquisition of Union Bank was completed in December for $12.9 million.
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Indiana National Corporation made its first expansion move outside of Marion County by announcing in May 1985, two months before the new cross-county bank laws went into effect, the pending acquisitions of the Lafayette-based Lafayette National Bank, Delphi-based Union Bank & Trust Co., and Carmel-based Fidelity Bank of Indiana. After that date, Indiana allowed very limited branching but allowed the purchase of banks by holding companies anywhere in the state as long as total deposits that were controlled by the holding company did not exceed a ceiling that was initially set at 11 percent of all deposits held in Indiana banks. Until July 1, 1985, the state of Indiana did not permit bank branching across county lines nor bank ownership outside the bank holding company's home county.