An Illinois subsidiary of Carmel-based Merchants Bancorp (Nasdaq: MBIN) has completed the acquisition of another Illinois Bank. The deal means FM Bancorp Inc. has been folded into Merchants and Farmers-Merchants National Bank has merged into Joy State Bank, which Merchants acquired at the beginning of the year.
Beginning at the end of the month, Joy State Bank’s name will become Farmers-Merchants Bank of Illinois.
Merchants Chief Executive Officer Michael Petrie says the Farmers-Merchants Bank of Illinois brand is a better reflection of the bank within the Merchants family. He adds it will "help demonstrate to customers its presence beyond Mercer County, Illinois after closing this acquisition, but at the same time not losing the bank’s roots as a community focused and agricultural lender." Petrie says "closing this transaction adds to our growing presence in Illinois and represents another milestone in supporting our vision of sustainable growth into new products and markets that will benefit all our stakeholders."
Merchants hasn’t disclosed the purchase price, but says Farmers-Merchants will add $112 million in assets. The deal was first announced in June. You can connect to more about the closing by clicking here.