Archbold, Ohio-based Farmers & Merchants Bancorp Inc., the holding company of Farmers & Merchants State Bank, has closed its acquisition of Geneva, Ind.-based Limberlost Bancshares Inc., the parent of Bank of Geneva.
As part of the deal, Bank of Geneva has merged into Farmers & Merchants State Bank.
Under the terms of the transaction, Limberlost shareholders will receive 1,830 common shares of Farmers & Merchants Bancorp plus $8,465 in cash for each common share of Limberlost. Limberlost had 1,000 common shares outstanding as of the closing of the deal.
The system conversion and Bank of Geneva office signage will transition to Farmers & Merchants State Bank on or about Jan. 21. Farmers & Merchants State 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.
In addition, Andrew Briggs, former chairman of Limberlost, was added to the boards of both Farmers & Merchants Bancorp and Farmers & Merchants State Bank.