Merchants & Marine Bancorp in Pascagoula, Miss., has agreed to buy Farmers-Merchants Bank & Trust in Breaux Bridge, La.
Merchants & Marine said in a press release that it will pay cash for the $450 million-asset FM Bank in a deal expected to close in the second quarter. The price wasn’t disclosed.
Fred Mills, FM Bank’s president and CEO, will remain in his leadership role, while the bank will keep its brand as a division of Merchants & Marine.
“FM Bank has developed a reputation for providing personalized service and tailored financial solutions,” Clayton Legear, Merchants & Marine’s chairman and CEO, said in the release. “This shared focus, combined with our shared mission as (CDFIs), makes this a natural partnership.”
Janney Montgomery Scott provided a fairness opinion to Merchants & Marine, while Phelps Dunbar was the legal adviser. National Capital and Fenimore Kay Harrison advised FM Bank.