LOGAN — Paul W. Pence, Jr., Chairman and CEO of Merchants Bancorp, Inc. and its principal subsidiary Merchants National Bank, announces that the acquisition of Citizens Independent Bancorp, Inc. (“CIB”) and its principal subsidiary The Citizens Bank of Logan (“Citizens Bank”), both of Logan, was completed effective after the close of business on Tuesday, April 30. The offices of Citizens Bank have become Merchants National Bank branches.
Commenting on the transaction, Pence stated, “We are very pleased that our merger with Citizens Bank has been consummated. We appreciate the efforts put forth by the officers, employees and board members at Citizens to help facilitate the transaction. We look forward to working with Dan Fischer and his team in continuing to serve the communities previously served by Citizens, with the expanded services that the combined organization now can provide.”
Daniel Fischer, the former President of Citizens who is now the Area President for Merchants National Bank, stated, “The combination of these two community banks, which have similar cultures and values, creates a great opportunity for future growth of the bank and additional services for our communities. We are very pleased to join the Merchants family.”
Merchants Bancorp, Inc. is a bank holding company headquartered in Hillsboro, Ohio, with total assets after the merger of approximately $935 million and shareholders’ equity of $88 million. Merchants National Bank now operates 18 offices within Brown, Clark, Clermont, Fayette, Highland, Madison, Union, Hocking and Athens counties.