CITBA Financial, Merchants Bancorp Agree to Merger
CITBA Financial Corporation (CITBA) (OTC: CBAF), Mooresville, IN, the bank holding company of Citizens Bank, and Merchants Bancorp (Merchants)(private), Carmel, IN, the bank holding company of Merchants Bank of Indiana, announced today they have signed a definitive agreement for the merger of Merchants with and into CITBA. CITBA will be the surviving corporation, and will be renamed Merchants Bancorp. Citizens Bank will be merged with and into Merchants Bank of Indiana.
CITBA serves the retail banking needs of Morgan, Johnson and Hendricks County markets with eleven locations, and has $375 million in assets, 133 employees, and over 400 shareholders. Merchants focuses on several aspects of mortgage and agricultural lending and wealth services from four Central Indiana locations, has $1.2 billion in assets, 74 employees, and 8 shareholders. Merchants Bank of Indiana owns P/R Mortgage & Investment Corp., a leading multi-family housing mortgage company in the Midwest United States.
"I am very excited about the combination of our two strong community banks with complimentary business models. This unique opportunity creates an exceptional community bank with multiple revenue streams and a strong foundation for further growth," stated Lynn