Business
Bank of Pontiac and CBI Bank & Trust to Acquire Branches of Farmers-Merchants Bank of Illinois
CARMEL, Ind., Sept. 7, 2023 /PRNewswire/ -- Merchants Bancorp (Nasdaq: MBIN)("Merchants"), a registered bank holding company and the parent company of
About this update from Merchants Bancorp
[{"type":"text","content":"CARMEL, Ind., Sept. 7, 2023 /PRNewswire/ -- Merchants Bancorp (Nasdaq: MBIN)(\"Merchants\"), a registered bank holding company and the parent company of Merchants Bank of Indiana and Farmers-Merchants Bank of Illinois (\"Farmers-Merchants\"), announced today 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.\n\n \n \n \n \n \n \n\n \nIn addition to the branches, Bank of Pontiac will acquire approximately $157 million in deposits and $22 million in loans, and CBI Bank & Trust will acquire approximately $62 million in deposits and $27 million in loans from Farmers-Merchants.\n \"We believe this transaction will be beneficial to both Farmers-Merchants and Merchants by allowing Merchants to focus on its core business of single and multi-family mortgage lending,\" said Michael Petrie, Chairman of Merchants. \"The agreement strategically aligns Farmers-Merchants with institutions that share a similar business model and will provide Farmers-Merchants the ability to offer additional products to its customers. Both Bank of Pontiac and CBI Bank & Trust, like Farmers-Merchants, are deeply rooted in similar communities and share a strong commitment to serving their local markets. Farmers-Merchants and its employees have played a valuable role in Merchants' success and they will continue to thrive with their new partners.\"\nTerms of the agreements are not being disclosed. The acquisitions are subject to customary closing conditions, including regulatory approvals, and are expected to close in the first quarter of 2024. Krieg DeVault LLP served as legal counsel for Merchants and Piper Sandler served as financial advisor. Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel and Cummings & Company, LLC served as financial advisor for each of Bank of Pontiac and CBI Bank & Trust. \nABOUT MERCHANTS BANCORPRanked as a top performing U.S. public bank by S&P Global Market Intelligence, Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, in...