MUSCATINE, Iowa – CBI Bank & Trust of Muscatine has announced that it is purchasing the Farmers-Merchants Bank at 101 W. Main St. in Joy, Illinois.
The branch purchase agreement includes all deposit accounts held at the office and consists of approximately $62 million in deposits and $27 million in loans. The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to be completed during the first quarter of 2024. Afterwards, the Joy bank will become a CBI Bank & Trust location.
Terms of the transaction were not disclosed.
“We’re pleased by the opportunity this represents for our organization,” Greg Kistler, president and CEO of CBI Bank & Trust, said in a news release Thursday, Sept. 14. “We remain committed to serving the agricultural industry and have a number of customers in the area. We’re excited by the opportunity to build on this strong agriculture customer base and join the Joy community. We look forward to many years of serving our new customers, and we hope they enjoy the convenience of our additional locations.”
Other area CBI Bank & Trust offices include Buffalo Prairie and Monmouth in western Illinois as well as Muscatine and 14 other locations throughout west-central Illinois and eastern Iowa including branches in the Quad Cities.
“We want our new customers to know we are committed to making the transfer as smooth and effortless as possible,” said Mr. Kistler. “We have successfully handled several acquisitions in the past, so we have a good sense of what it takes to make them work well for customers. We plan to stay in touch throughout the process and realize the value customers place on working with bankers they know and trust. Our goal is to transition the current Farmers-Merchants Bank staff to the CBI Bank & Trust organization.”
The acquisition comes on the heels of CBI’s purchase this summer of SENB Bank, headquartered in Moline.
CBI Bank & Trust CBI Bank & Trust, based in Muscatine, and F&M Bank, a division of CBI Bank & Trust, based in Galesburg, Illinois, serve approximately 40,000 consumers and businesses through 17 branches, with locations in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington, and Wilton in Iowa, and Brimfield, Buffalo Prairie, Galesburg, Monmouth, and Peoria in Illinois. In addition, the bank’s Trust and Investment divisions manage combined client assets of approximately $1.4 billion.