On Wednesday, Merchants Bancorp (NASDAQ: MBIN) remained among the day losers and traded with change of -2.55% on volume of 132586 shares in the last session as compared to average volume of 86188 shares. During last trade its minimum price was $27.85 and it gained highest price of $28.74. MBIN has total market capitalization of $784273919. Its closing value stands at $27.87.
Merchants Bancorp, Carmel, IN (NASDAQ:MBIN) and its subsidiary, Joy State Bank, Joy, IL (“Joy”), along with FM Bancorp Inc., Paxton, IL (“FM Bancorp”), reported they have entered into an agreement and plan of merger whereby FM Bancorp and its subsidiary, Farmers-Merchants National Bank of Paxton (“Farmers-Merchants”), will merge with and into Merchants and Joy, respectively (the “Agreement”). .
Michael F. Petrie, Chairman and CEO of Merchants stated, “We are pleased to add to our Illinois banking operations with the acquisition of FM Bancorp. We believe that Tom McCabe and his colleagues have done a great job in building a solid community bank, and we believe that this transaction will be helpful to the employees and customers of Farmers-Merchants.”
Tom McCabe, Chairman and President of FM Bancorp, stated, “We are very happy to be joining an organization of this caliber. Merchants has had extremely strong financial performance in recent years, and it will benefit our employees and customers to be part of a larger community bank offering a broader selection of products and services. We also believe that Merchants is very happy serving relatively smaller communities, and we will remain strongly committed to the consumers and small businesses (including farmers) in our markets.”
Merchants expects the transaction to close in the fourth quarter of 2018. The transaction is subject to customary closing conditions, including regulatory approvals and the approval of FM Bancorp’s shareholders.