Daily News: January 3, 2018

Merchants Closes Acquisition of Joy State Bank


Merchants Bancorp, parent company of Merchants Bank of Indiana, received all necessary regulatory approvals to close its acquisition of Joy, IL-based Joy State Bank, effective January 2, 2018.

“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,” said Michael Petrie, chairman and CEO of Merchants.

The acquisition of Joy adds $43 million in assets and $38 million in total deposits to Merchants.

Merchants Bancorp is a diversified bank holding company which focuses on FHA multi-family housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending and traditional community banking.