Morris State Bancshares, Inc.

Transaction Details

On December 12, 2018, Morris State Bancshares, Inc. (“Morris”), parent company of Morris Bank, and FMB Equibanc, Inc. (“FMB”), parent company of Farmers & Merchants Bank, announced the signing of a definitive agreement providing for the merger of FMB with and into Morris
Based on September 30, 2018 results, the combined bank will have total assets of approximately $925 million with $725 million in loans and $800 million in deposits
Transaction is valued at $23.6 million in the aggregate based upon a valuation of FMB at $9.25 per share
Each share of FMB issued and outstanding will receive shares of Morris stock, cash or combination thereof
The transaction is expected to close in Q2’ 19

Sources: Company Filings, S&P Global Market Intelligence and publicly available information.

Note: Financial data as of September 30, 2018.

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