First Farmers Financial (FFMR) in Converse, Ind., has agreed to buy seven branches in Indiana from Bank of Montreal's BMO Harris Bank.
The $1.2 billion-asset First Farmers said in a press release Thursday that it the deal also includes deposit relationships from two other branches. Overall, the company will gain $134 million in deposits. No loans are involved in the deal, which is expected to close in the latter part of this year.
First Farmers did not disclose a price.
First Farmers "continues to uphold the philosophy and principles of community banking in a variety of markets," Gene Miles, the company's president and chief executive, said in a press release. "These new locations are representative of markets that our organization has successfully served for generations and we are very confident that our products and style service will be well received."
