Bank of Pontiac and CBI Bank & Trust to Acquire Branches of Farmers-Merchants Bank of Illinois
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In addition to the branches, Bank of
"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
Terms 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
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SOURCE Merchants Bancorp