The nearly $90 million acquisition of Limberlost Bancshares Inc., the parent of Bank of Geneva in Adams County, is complete. Ohio-based Farmers & Merchants Bancorp Inc. (Nasdaq: FMAO) says, as a result of the deal, former Limberlost Chairman Andrew Briggs will join the board of directors for The Farmers & Merchants State Bank.
The acquisition was first announced in August. Per the terms of the agreement, Limberlost shareholders will receive 1,830 shares of F&M common stock, plus $8,465 in cash for each share of Limberlost common stock they owned. The deal brings the number of full-service office locations for F&M Bank to 30, including 10 in Indiana.
"This transaction significantly increases F&M’s presence in northeast Indiana," said Lars Eller, chief executive officer of F&M Bank. "Customers in the Geneva, Berne, Monroe, Monroeville, Portland and Decatur markets will benefit from our expanded services, while providing the convenience of local decision makers throughout our office network."
F&M says the integration of the former Bank of Geneva locations into the F&M brand will begin later this month.