Investment Banking - Merchants Bancorp

Transactions | Banking

Client: Merchants Bancorp
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor

  • Merchants Bancorp (NASDAQ: MBIN) is a diversified bank holding company headquartered in Carmel, IN operating multiple lines of business that provide traditional community banking products and services.  With $3.7 billion in assets and $3.1 billion in deposits, Merchants Bancorp conducts its business through its direct and indirect subsidiaries, Merchants Bank of Indiana, P/R Mortgage and Investment Corp., Joy State Bank, RICHMAC Funding LLC and Merchants Mortgage.
  • Joy State Bank has served the Mercer County, IL community and the surrounding area for over 95 years.  Joy operates out of two branches located in Joy, IL and New Boston, IL.  Joy has been operating as a subsidiary of Merchants since 2017.
  • With approximately $115 million in assets, FM Bancorp is a bank holding company headquartered in Paxton, IL.  FM Bancorp offers a variety of lending and deposit options out of three branches located in Paxton, IL, Melvin, IL and Piper City, IL and has served its customers since 1914.
  • Merchants has agreed to pay $21.9 million in cash for FM Bancorp.
  • Merchants expects that Joy will exceed “well-capitalized” thresholds under all regulatory definitions and that the transaction will be accretive to earnings per share excluding one-time merger costs beginning in the first full year of combined operations.
  • The acquisition was announced on June 13, 2018.
  • Boenning is served as financial advisor to Merchants Bancorp.