Tuesday, Aug 23, 2016
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Economy

BUSINESS BRIEF

Farmers & Merchants
 to buy 1 Croghan branch

CUSTAR, Ohio — Archbold-based Farmers & Merchants State Bank said Wednesday it has entered into an agreement to acquire the Custar, Ohio, branch of Croghan Colonial Bank of Fremont.

The pact calls for Farmers & Merchants bank to acquire the branch building and the branch’s liabilities for loans and deposits. The Custar branch in Wood County had $29.5 million in deposits as of Tuesday.

The sale is subject to regulatory approval and other usual closing conditions. The acquisition is expected to be completed in the fourth quarter.

Transaction terms were not disclosed. Farmers & Merchants bank has 21 locations throughout northwest Ohio and eastern Indiana. The bank is a wholly owned subsidiary of Farmers & Merchants Bancorp Inc. Croghan is a subsidiary of Croghan Bancshares Inc.

Shares of Farmers & Merchants closed over the counter at $22, down 10 cents, on Wednesday. Shares of Croghan, also traded over the counter, remained unchanged at $36.75.

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