First Farmers Financial Corp. in Converse, Ind., and CB Bank Shares Inc. in Russiaville, Ind., said Thursday that they have agreed to merge.

CB is the parent company of the $59 million-asset Central Bank, which has two branches in Howard County. Central would be absorbed into the $662 million-asset First Farmers Bank and Trust. Five of First Farmers' 20 branches are in Howard, where its $165 million of deposits gives it the top market share among privately held banks.

The two companies did not disclose a deal price. Both bank units have healthy capital ratios and credit quality, the FDIC data showed.

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