Merchants Completes Acquisition of Illinois Bank

Merchants completed its Initial Public Offering in late October.

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Carmel-based Merchants Bancorp (Nasdaq: MBIN) has completed its acquisition of Joy State Bank in Illinois. The bank said in September it planned to use some of the proceeds from its Initial Public Offering to close the deal.

The bank planned to pay nearly $6 million to acquire Joy State Bank, according to a filing with the U.S. Securities and Exchange Commission in September. The acquisition was first announced in 2016, however the agreement was amended to allow Merchants Chairman and Chief Executive Officer Michael Petrie and Vice Chairman Randall Rogers to acquire the bank due to "uncertainty" surrounding Merchants’ financial position at that time.

"The completion of this acquisition will mean the continuation of our growth strategy into new products and markets in Illinois, and enable us to further strengthen Merchants long-term financial position," Petrie said in a news release. "The acquisition of Joy, adds $43 million in assets and $38 million in total deposits to Merchants."

Merchants completed its IPO in late October, raising more than $92 million