Farmers & Merchants State Bank in Archbold, Ohio, has agreed to buy a branch from Croghan Colonial Bank in Fremont, Ohio.
Farmers & Merchants will acquire Croghan's Custar, Ohio, branch along with $29.5 million in deposits and an unspecified amount of loans, the banks announced Wednesday. Terms of the sale were not disclosed.
The branch would be the 18th Ohio location for the $923 million-asset Farmers & Merchants, which has 22 branches. The sale would reduce the $614 million-asset Croghan's branch network to 13 branches, according to the Federal Deposit Insurance Corp.
The deal "will complement our existing branch network, including expanding our presence in Wood County, and allow us to provide the high level of service for which our community bank is known," Paul Siebenmorgen, Farmers & Merchants' president and chief executive, said in a press release.
The banks expect to complete the transaction in the fourth quarter.