SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act
of 1934
Date of Report: June 27, 1996 (Date of earliest event reported)
THE SOMERSET GROUP, INC.
(Exact name of registrant as specified in its charter)
Indiana 0-14227 35-1647888
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
135 N. Pennsylvania Street, Suite 2800 Indianapolis, IN 46204
(Address of principal executive offices)
Registrant's telephone number: (317) 269-1285
Item 5. Other Events:
The Somerset Group, Inc., the Registrant, on June 17, 1996
purchased 100% of the outstanding common stock (its only class of
stock) of One Investment Corporation from First Indiana Bank.
The following information concerning the transaction is of
importance to security holders:
The purchase price of the shares was $1,470,038, which
represented 3.8% of the Registrant's assets. Consolidated net
income of the acquired corporation during 1995, had it been owned
by the Registrant, would have amounted to 8.2% of consolidated
income of the Registrant.
The Registrant paid cash for the shares and did not incur
any debt as a result of the transaction.
One Investment Corporation, the acquired corporation, owned
100% of the outstanding stock of One Insurance Agency, Inc.
Concurrently with the acquisition of the shares, the acquired
corporations were merged with the Registrant and will conduct
operations under d/b/a names of The Somerset Group, Inc. , of
"One Investment Co.", and "One Insurance Agency".
The Registrant also entered into an agreement with the
Seller, First Indiana Bank, for the Registrant to provide non-
FDIC-insured investment products and investment counseling
services for the Bank's customers. First Indiana Bank has agreed
to refer customers for these products to the Registrant.
The Seller is a 100% owned subsidiary of First Indiana
Corporation, whose principal office is located at 135 N.
Pennsylvania Street, Indianapolis, Indiana 46204.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.
THE SOMERSET GROUP, INC.
s/Joseph M. Richter
Date: June 27, 1996 Joseph M. Richter
Executive Vice President & CFO
s/Sharon J. Sanford
Date: June 27, 1996 Sharon J. Sanford
Corporate Secretary
