Eastern Indiana-based Richmond Mutual Bancorporation is acquiring Frankfort, Ind.-based The Farmers Bancorp in an $82 million stock deal. .The deal is expected to close in the second quarter of next year. Richmond Mutual Bancorporation is the parent company of First Bank Richmond. The Farmers Bancorp, headquartered north of Indianapolis, is the holding company of The Farmers Bank.As of July 31, First Bank Richmond had $1.5 billion in assets, nearly $1.1 billion in deposits and more than a dozen branches in Indiana and Ohio. As of July 31, The Farmers Bank had nearly $1.1 billion in assets, nearly $853 million in deposits and 11 branches. “By joining forces, we gain the scale to offer higher lending limits, invest in technology, and deliver an even better experience for our customers,” said Richmond Mutual Chair, President and CEO Garry Kleer. Kleer will serve as CEO of the combined company, and Farmers Bancorp President and CEO Chris Cook will become president of the holding company and president and CEO of the combined bank.The combined company’s board of directors will include 11 members — six from Richmond Mutual and five from Farmers Bancorp. Kleer will continue as chair.New York City-based Keefe, Bruyette & Woods was financial advisor to Richmond Mutual, with Washington, D.C.-based Silver, Freedman as legal counsel. Philadelphia-based Janney Montgomery Scott advised Farmers Bancorp and provided a fairness opinion, with Chicago-based Amundson Davis serving as legal counsel.
