MUNCIE, Ind.–First Merchants Corporation (NASDAQ: FRME) and MBT Financial Corporation (NASDAQ: MBTF) have finalized a merger of the two companies. Following regulatory approvals last month, the companies consummated their legal closing through a 100% stock transaction effective September 1, 2019. As previously announced in late 2018, Monroe Bank & Trust will also merge with and into First Merchants Bank.
Headquartered in Monroe, Michigan, MBTF operated 20 banking center locations in the southeastern Michigan area, all of which will remain part of First Merchants franchise. Since its founding in 1858, Monroe Bank & Trust grew to one of the largest community banks in the state with total assets of $1.3 billion, total loans of $769 million, and total deposits of $1.2 billion (96% of which are core) as of June 30, 2019.
“Like First Merchants, Monroe Bank & Trust had a long history and a deep-rooted commitment to community banking, and we are excited they have chosen to become the newest member of the First Merchants family,” said First Merchants President and CEO Michael C. Rechin. “The MBTF franchise opens an entirely new contiguous banking market for us with a high-quality and prudently managed 160 year old institution. We believe that our strategy to be a service-driven alternative to our super-regional bank competitors will support the acceleration of Monroe Bank & Trust’s current initiatives while furthering our goal of growing as a high-performing company.”