The deal enables F&M Bank to have a total of 30 full-service office locations — 20 in Ohio and 10 in Indiana.
Farmers & Merchants Bancorp, Inc, the holding company for The Farmers & Merchants State Bank, lately announced the completion of its merger of Limberlost Bancshares, Inc., Geneva, Indiana, the holding company for Bank of Geneva, into F&M and the merger of BOG into F&M Bank. Simultaneous with the close of the transaction, Andrew Briggs, the former Chairman of Limberlost was stepped into F&M’s and F&M Bank’s Board of Directors.
The August 2018 announced deal was approved by all appropriate regulatory agencies as well as the shareholders of Limberlost. Under the terms of the agreement between the parties, Limberlost shareholders will receive 1,830 shares of F&M common stock plus $8,465 in cash for each share of Limberlost common stock. Reportedly, Limberlost had 1,000 shares of common stock outstanding as of the closing.
Lars B. Eller, Chief Executive Officer and President, F&M Bank, stated, “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. We are excited to welcome the customers, employees and shareholders of Limberlost to F&M.”
The merger promises future growth for both the entities
Andrew Briggs, former Chairman, Limberlost, 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 BOG office signage will transition to F&M Bank on or about January 21, 2019. As a result of the merger, F&M Bank will have a total of 30 full-service office locations, 20 in Ohio and 10 in Indiana, with total assets of approximately $1.5 billion.
About Farmers & Merchants State Bank
A local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897, The Farmers & Merchants State Bank provides commercial banking, retail banking, and other financial services through its 30 offices. Its locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. Moreover, in Northeast Indiana, its offices are located in Adams, Allen, DeKalb, Jay, and Steuben counties.