BTC Bank announces it has signed an agreement to purchase Merchants and Farmers Bank with locations in Salisbury, Fayette, Columbia, and Hardin, Missouri. The terms of the purchase provide for BTC Bank to acquire substantially all of the assets and deposits associated with Merchants and Farmers Bank.
“We are excited to have the opportunity to acquire such a community-minded bank,” said Doug Fish, BTC Bank President, and CEO. “Merchants and Farmers Bank strongly aligns with BTC Bank’s culture, values, and dedication to its customers and communities. The blending of talent and expertise from both banks along with increased product and service capabilities will be a tremendous benefit to all stakeholders involved.”
The purchase is subject to regulatory and stockholder approval, which will likely occur over the next two months. The banks expect integration planning to begin immediately and the conversion of banking systems to take place in October. Once finalized, BTC Bank will have 22 locations throughout Missouri and Southern Iowa, bringing its total assets to over $1 billion.
“For over 100 years, both BTC Bank and Merchants and Farmers Bank have been committed to helping individuals, families, businesses, and farmers thrive and be successful in our communities,” says Fish. “BTC Bank looks forward to continuing that success by taking the necessary steps to ensure a smooth transition of service for our new customers while continuing our long-term commitment to providing exemplary service to all of the communities we serve.”