Muncie-based First Merchants Corp. is to acquire Noblesville-based Community Bancshares Inc. This deal is expected to be worth $46 million in stock and its closure is expected during the first quarter of 2015 following shareholder and regulatory approvals.
In the Indianapolis area, Community Bancshares, parent of Community Bank, operates 11 banking offices with eight in Hamilton County and three in Madison County. At the end of 2013, the company had $268.6 million in assets.
Across the state, First Merchants has nearly 100 banking offices, primarily in central Indiana and its subsidiaries are First Merchants Bank, Lafayette Bank & Trust, Commerce National Bank, First Merchants Trust Co., and First Merchants Insurance Group.
Total assets of the merged company will be about $5.7 billion and 107 banking offices in 26 Indiana counties, and two counties in both Ohio and Illinois.
As per the merger, Community Bankshares CEO Charles Crow, President Larry Riggs and Executive Vice President Russell Freed are to join the First Merchants management team.
First Merchants CEO Michael Rechin said, Like First Merchants, Community Bank has a deep-rooted commitment to community banking and we are excited for it to become the newest member of the First Merchants family. The addition of Community Bank supports our goal of becoming a more efficient, higher performing company.