CBI Bank & Trust of Muscatine, Iowa, announced that it has entered into an agreement with Farmers-Merchants Bank of Illinois (“Farmers-Merchants Bank”) to purchase the Joy, Illinois branch office of Farmers-Merchants Bank. The branch is located at 101 West Main Street 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, at which point the office will become a CBI Bank & Trust location. Terms of the transaction were not disclosed.
Area CBI Bank & Trust offices include Buffalo Prairie, Monmouth, and Muscatine, plus 14 other locations throughout west-central Illinois and eastern Iowa.