Riverview Community Bank completed the acquisition of MBank, Inc. from Merchants Bancorp..

Riverview Community Bank entered into a purchase and assumption agreement to acquire MBank, Inc. from Merchants Bancorp. (OTCBB:MBNC) in cash on September 26, 2016. As part of the transaction, Riverview will acquire certain assets of MBank, including approximately $130 million in net loans and will assume certain liabilities, including approximately $128 million of MBank's customer deposits. The agreement also provides that Riverview Bancorp will assume the obligations of Merchants Bancorp's trust preferred securities. Upon closing, the MBank branches will become part of Riverview Community Bank's branch network. Following the transaction, no banking services will be provided by MBank. If the agreement is terminated by Riverview, then in such event, MBank and Merchants Bancorp shall be, jointly and severally, liable to pay Riverview $0.35 million in immediately available funds. If the agreement is terminated by MBank, then in such event, Riverview and Riverview Bancorp shall be, jointly and severally, liable to pay MBank $0.35 million in immediately available funds. The transaction is subject to customary closing conditions, including regulatory approval and the approval of Merchants Bancorp's shareholders. The transaction is expected to close in the quarter ending March 31, 2017. The transaction is expected to be accretive to earnings in the first full year. Breyer & Associates acted as the legal advisor for Riverview Community Bank and Miller Nash Graham & Dunn LLP acted as the legal advisor for MBank, Inc. Pat McJoynt, Matt Polanin and Jake Lee of KBW LLC acted as financial advisor to Riverview Community Bank. Sandler O'Neill + Partners, L.P. acted as financial advisor to Merchants Bancorp. Riverview Community Bank completed the acquisition of MBank, Inc. from Merchants Bancorp. (OTCBB:MBNC) on February 17, 2017.