Farmers & Merchants Bancorp (F&M), the holding company for Farmers & Merchants State Bank, has signed an agreement to acquire Limberlost Bancshares

The deal for the holding firm totalled $88.77m.

Under the terms of the stock and cash transaction, Limberlost shareholders will receive 1,830 shares of F&M common stock for each outstanding share as well as $8,465 in cash.

With nearly six branches in northeast Indiana, Bank of Geneva has around $287m in assets. Furthermore, the Bank has $257m in loans and $212m in deposits as of 30 June 2018.

Commenting on the acquisition, F&M president and CEO Paul Siebenmorgen, said: “F&M is pleased to combine our two strong institutions, which have a shared vision and shared values.

“This is an excellent opportunity for the Bank of Geneva to become part of a larger community banking organisation. It will allow us to offer customers in the communities served a wider range of financial services while still preserving the convenience of local decision makers throughout our office network.”

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Limberlost chairman Andrew Briggs will be appointed to the board of directors of F&M and Farmers & Merchants State Bank, while the Bank of Geneva executive vice-president Phil Lucas will assume the responsibility of senior vice-president in Farmers & Merchants State Bank.

Andrew Briggs said: “A great benefit to our customers is that decisions remain at the local level. They will benefit from a wider range of products and services.

“We believe that our success has been based on our customers’ trust in us and the great employees that we have had the pleasure of working with over the last 125 years.”

Once the acquisition is completed, F&M will maintain consolidated assets of nearly $1.5bn.

The acquisition is expected to be completed in the fourth quarter of 2018 or first quarter of 2019. This is subject to customary closing conditions and regulatory approvals.