MUNCIE, Ind.–(BUSINESS WIRE)–First Merchants Corporation (FRME) successfully completed its previously announced merger with CFS Bancorp, Inc. (CITZ), of Munster, Indiana on Tuesday, November 12, 2013. In connection with the merger, Citizens Financial Bank has also merged with and into First Merchants Bank. The combined First Merchants Bank has 95 banking centers in Illinois, Indiana and Ohio and approximately $3.5 billion in loans, $4.3 billion in deposits, and total assets and shareholders’ equity of $5.5 billion and $653 million, respectively. The full integration of Citizens Financial Bank under the First Merchants brand will be completed during the 1st quarter of 2014.
As part of the $140 million merger, shareholders of CFS Bancorp will receive 0.65 shares of First Merchants Corporation common stock for each share of CFS Bancorp common stock held. CFS Bancorp shareholders will receive information shortly on how to exchange their CFS Bancorp shares for shares of the merged company.
Michael C. Rechin, First Merchants Corporation’s Chief Executive Officer, added, “We are pleased that this merger received overwhelming approval by CFS and First Merchants shareholders. Citizens’ clients will now have access to expanded product and service options including trust services, wealth management and insurance. With the capital resources and lending capacity that First Merchants provides, it will enable us to focus on growth in the Northwestern Indiana and Northeastern Illinois community markets, both logical geographic extensions of the First Merchants franchise. We are excited about the addition of new markets to serve and new bankers to manage our growing business.”