First Merchants Corporation and C Financial Corporation Announce the Signing of a Definitive Merger Agreement
MUNCIE, Ind. & COLUMBUS, Ohio–(BUSINESS WIRE)–First Merchants Corporation (NASDAQ: FRME) and C Financial Corporation announced they have executed a definitive merger agreement whereby C Financial Corporation will merge with and into First Merchants Corporation, and its wholly owned bank subsidiary, Cooper State Bank, will merge with and into First Merchants Bank, N.A.
The merger agreement provides that the shareholders of C Financial Corporation will receive $14.5 million in cash or approximately 1.8x tangible book value. The transaction is expected to be completed in the second quarter of 2015 subject to the approval of C Financial Corporation shareholders, regulatory approvals and other customary closing conditions. The combined financial institution expects to complete the integration during the third quarter of 2015.
Based upon current financials, C Financial Corporation and First Merchants will have combined assets of $6.0 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will have 112 banking offices in twenty-six Indiana counties, as well as two counties in both Ohio and Illinois.
Michael C. Rechin, President and Chief Executive Officer of First Merchants, said, “First Merchants is excited to extend our presence in Columbus with the addition of Cooper State Bank as the newest member of the First Merchants family. The addition of Cooper State Bank supports our growth initiative, making the company more visible and impactful in Columbus, one of the fastest growing cities in America. From Cooper State Bank’s beginning in 2005, Dan Apple and his management team have played a pivotal role in providing real estate financing and bringing innovative retail banking ideas to Columbus consumers while maintaining excellent credit quality.”