Bethany, Mo.-based BTC Bank is purchasing Merchants and Farmers Bank.
By acquiring Salisbury, Mo.-based Merchants and Farmers, the ag-focused BTC Bank will grow to a more than $1 billion organization with 22 locations throughout Missouri and southern Iowa.
The $118 million Merchants and Farmers Bank has $110 million in deposits and $50 million in net loans and leases. It has branches in Fayette, Columbia and Hardin, Mo.
Regulatory and stockholder approvals are expected to occur over the next two months. Banking systems are expected to be converted in October.
“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.”