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The F&M State Bank Acquires Indiana Bank




The Farmers & Merchants State Bank said Monday it will acquire Knisely Bank, with offices in Butler, Auburn, and St. Joe, Indiana.

Financial terms of the transaction were not disclosed.

Paul Siebenmorgen, president and chief executive offi- cer of the F&M, said the three Knisely bank offices will become F&M branch offices.

“Knisely Bank will be a great addition for Farmers & Merchants, allowing us to further expand our business in Indiana. We believe that Knisely shares a similar corporate culture, and we are confident that our affiliation will create many benefits for our shareholders, our customers, and the communities we serve,” Siebenmorgen said in the press release.

Lynn Brooks, chairman of Knisely Financial Services, owners of the Knisely Bank, said in the release, “We are excited about the prospect of joining the Farmers & Merchants family. We felt it was important to partner with an organization which, like Knisely Bank, emphasizes a community banking philosophy and focuses on customer service.”

It is anticipated that the merger between the two banks will be completed late this year or early next year. The merger must be approved by regulatory agencies and shareholders of Knisely. Other closing conditions must also be met.

As of June 30, Farmers & Merchants Bankcorp, Inc., the holding company which owns the Farmers & Merchants State Bank, reported assets of approximately $720 million, with 15 offices in Fulton, Defi- ance, Henry, Lucas, and Williams counties.

On the same date, Knisely reported its three offices had assets of about $46 million, making F&M almost 16 times larger.

Based on the June 30 numbers, F&M is expected to have more than $765 million in assets, $545 million in loans, and $595 million in deposits once the merger is complete.


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