First Farmers Financial in Converse, Ind., has agreed to buy Citizens Exchange Bank in Fairmount, Ind.

The companies did not disclose financial terms. The deal is expected to close in the second quarter.

The $1.5 billion-asset First Farmers operates 36 branches of First Farmers Bank & Trust in Indiana and Illinois.

The $60 million-asset Century Bank Corp. operates a single office of Citizens Exchange Bank in Fairmount. The bank is controlled by the Selby family, including Tim Selby, the bank's chairman.

Hunton & Williams was legal counsel to First Farmers. Renninger & Associates was financial adviser to Century Bank. Bingham Greenebaum Doll was its legal counsel.

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