CBI Bank & Trust completed the acquisition of Farmers-Merchants Bank of Illinois from Merchants Bancorp.
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.