CBI Bank & Trust entered into an agreement to acquire Farmers-Merchants Bank of Illinois from Merchants Bancorp (NasdaqCM:MBIN) on September 7, 2023. The branch purchase agreement includes all deposit accounts held at the office and consists of approximately $62 million in deposits and $27 million in loans. On closing the office will become a CBI Bank & Trust location. Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as a legal counsel for CBI Bank & Trust. Cummings & Company, LLC served as financial advisor. Krieg DeVault LLP acted as a legal counsel for Farmers-Merchants Bank of Illinois. Piper Sandler served as financial advisor to Farmers-Merchants Bank of Illinois. The transaction is subject to customary closing conditions and regulatory approval and is expected to close during the first quarter of 2024.

CBI Bank & Trust completed the acquisition of Farmers-Merchants Bank of Illinois from Merchants Bancorp (NasdaqCM:MBIN) on January 26, 2024. Bryan Hofmann will continue to lead the Joy office and has been named Western Illinois Market President. The branch purchase agreement of the Joy office of Farmers-Merchants Bank included all deposit accounts held at the office and consists of approximately $66 million in deposits and $28 million in loans. Farmers-Merchants Bank of Illinois ceased to exist as a head office.