Merchants Bancorp, parent company of Merchants Bank of Indiana and Farmers-Merchants Bank of Illinois, announced that Farmers-Merchants has entered into an agreement with Bank of Pontiac, headquartered in Pontiac, Illinois, for Bank of Pontiac to acquire Farmers-Merchants’ branch locations in Paxton, Melvin, and Piper City, Illinois, and into an agreement with CBI Bank & Trust, headquartered in Muscatine, Iowa, for CBI Bank & Trust to acquire Farmers-Merchants’ branch located in Joy, Illinois. In addition to the branches, Bank of Pontiac will acquire approximately $157M in deposits and $22M in loans, and CBI Bank & Trust will acquire approximately $62M in deposits and $27M in loans from Farmers-Merchants. Terms of the agreements are not being disclosed. The acquisitions are expected to close in 1Q24.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MBIN:
- Bank of Pontiac and CBI Bank & Trust to Acquire Branches of Farmers-Merchants Bank of Illinois
- Merchants Bancorp Declares Quarterly Common and Preferred Dividends
- Merchants Bancorp price target raised to $38 from $31 at Piper Sandler
- Merchants Bancorp reports Q2 EPS $1.31 vs. $1.11 last year
- Merchants Bancorp Reports Second Quarter 2023 Results
