Farmers & Merchants Bancorp has completed the merger with Limberlost Bancshares following the receipt of all pending regulatory and shareholder approvals.
As a result, Limberlost Bancshares’ Bank of Geneva has merged with The Farmers & Merchants State Bank, the subsidiary of Farmers & Merchants Bancorp (F&M).
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Limberlost Bancshares acquisition
In August last year, F&M signed the agreement to acquire Limberlost Bancshares for $88.77m.
As a part of the cash and stock transaction, Limberlost shareholders received 1,830 shares of F&M common stock plus $8,465 in cash for each share.
F&M Bank president and CEO Lars Eller said: “This transaction significantly increases F&M’s presence in northeast Indiana.
“Customers in the Geneva, Berne, Monroe, Monroeville, Portland and Decatur markets will benefit from our expanded services, while providing the convenience of local decision makers throughout our office network.”
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By GlobalDataLimberlost former chairman Andrew Briggs said: “The combination of these two strong institutions, which have similar cultures and values, creates a compelling opportunity for future growth. We are very pleased to join the F&M family.”
The system conversion and Bank of Geneva’s transition into F&M Bank is expected to be completed on or about 21 January 2019.
With total assets of nearly $1.5bn, F&M Bank now have 20 and 10 full-service branches in Ohio and Indiana respectively.
