Ohio-based Farmers & Merchants Bancorp Inc. (Nasdaq: FMAO) has completed the acquisition of Ossian Financial Services Inc., the holding company for Ossian State Bank. The bank previously announced the acquisition, which is valued at $20 million, last year.
OFSI operates two full-service offices in northeast Indiana, including Ossian State Bank. It also operates a branch in Bluffton.
“OFSI is our third recent acquisition in Northeast Indiana and immediately enhances our growing franchise within the state,” said F&M President Lars Eller. “In fact, since starting our expansion strategy in 2018, and with the addition of OFSI, total assets have nearly doubled to approximately $2.2 billion. On behalf of everyone at F&M, we are pleased to welcome the customers and employees of OFSI to F&M.”
F&M says it now operates 12 full-service offices and an LPO in Indiana with total deposits of $462 million and total loans of $445 million.