-
First Farmers Financial (FFMR) in Converse, Ind., has agreed to buy seven branches in Indiana from Bank of Montreal's BMO Harris Bank.
May 9 -
Record profits at agriculture-focused rural banks could be coming to an end. Farm revenue is expected to decline sharply this year, and ag lenders are watching warily to see if this is a one-year blip or the start of a downturn.
March 7 -
First Farmers Bank & Trust in Converse, Ind., has received regulatory approval to acquire most of the Bank of Indiana.
October 7 -
The Senate is poised to vote on a massive, five-year farm bill this week that includes several provisions important for community bankers and agricultural lenders.
February 3
First Farmers Financial in Converse, Ind., has agreed to buy three community banks in Illinois.
The $1.2 billion-asset company said in a press release Wednesday that it will buy all of the stock in Community Bank in Hoopeston, United Community Bank in Oakwood and First National Bank of Chrisman. First Farmers will gain $165 million in total assets from the acquisitions, which are expected to close in the first quarter.
First Farmers did not disclose purchase prices for the deals.
"These agreements are representative of our goal to uphold the traditional values of rural and Ag community banking in the Midwest," Gene Miles, First Farmers' president and chief executive, said in the release. "All of these organizations serve areas very similar to those where we have built a significant customer base."
Cummings & Cummings and Hunton & Williams advised First Farmers. Hovde Financial and Howard & Howard Attorneys advised the community banks.
