The merger of an Archbold bank with a bank in Geneva, Ind. has been completed, F&M officials announced.
Officials from Farmers & Merchants Bancorp, Inc., the holding company for Farmers & Merchants State Bank, announced Wednesday, Jan. 2, that its merger with Limberlost Bancshares, Inc., the holding company for the Bank of Geneva, was finished.
As part of the acquisition, Andrew Briggs, former chairman of Limberlost, was named to the F&M Bancorp and F&M Bank board of directors.
The merger was announced Aug. 20, 2018. It was approved by the various regulatory agencies and Limberlost shareholders.
The owners of each of the 1,000 shares of Limberlost stock received $8,465 in cash and 1,830 shares of F&M common stock.
The Bank of Geneva will convert to the F&M system, and F&M signs will go up on current Bank of Geneva branches around Monday, Jan. 21.
F&M will retain Limberlost employees.
The merger gives F&M 30 full-service locations– 20 in Ohio and 10 in Indiana. Total assets will be approximately $1.5 billion.