Merchants chairman Michael Petrie said this strategic move allows Merchants to sharpen its deal with its primary business of single and multifamily mortgage lending.
Based in Indiana, Merchants offers multifamily and healthcare facility financing and servicing, in addition to mortgage warehouse financing. The bank also provides retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking.
“The agreement strategically aligns Farmers-Merchants with institutions that share the same business model and can provide Farmers-Merchants the flexibility to supply additional products to its customers,” Petrie added. “Farmers-Merchants and its employees have played a priceless role in Merchants’ success, and they’ll proceed to thrive with their recent partners.”
While the precise terms of the agreements remain undisclosed, the bank said it expects the acquisitions to be accomplished by the primary quarter of 2024.