Merchants Bancorp in Carmel, Ind., has agreed to sell four Illinois branches.
The $13.1 billion-asset Merchants said in a press release that Bank of Pontiac in Pontiac, Mich., will buy offices in Paxton, Melvin and Piper City. CBI Bank & Trust in Muscatine, Iowa, agreed to buy a branch in Joy, Ill.
The $962 million-asset Bank of Pontiac will gain $157 million of deposits and $22 million of loans. The $1.2 billion-asset CBI Bank & Trust will acquire $62 million of deposits and $27 million of loans.
The pricing wasn’t disclosed. The deals are expected to close in the first quarter.
The sales will allow Merchants “to focus on its core business of single and multifamily mortgage lending,” Michael Petrie, the company’s chairman, said in the release.
“Bank of Pontiac and CBI Bank & Trust … are deeply rooted in similar communities and share a strong commitment to serving their local markets,” Petrie added.
Krieg DeVault and Piper Sandler advised Merchants. Barack Ferrazzano Kirschbaum & Nagelberg and Cummings & Co. advised Bank of Pontiac and CBI Bank.