Company: MBINL
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001558370-25-007170
Chunk: 11

Company: Merchants Bancorp
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 11
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BI Bank & Trust, to sell its Farmers-Merchants Bank of Illinois branch located in Joy, Illinois.​This transaction enhanced the Company’s ability to focus on its core business of single and multi-family mortgage lending and strategically aligned the branches with institutions that share a similar business model and allowed them to provide additional products to their customers. ​On January 26, 2024, the transaction was completed after having met customary closing conditions, including regulatory approval. ​In addition to the branches, Bank of Pontiac acquired approximately $164.8 million in deposits and $19.2 million in loans, and CBI Bank & Trust acquired approximately $65.1 million in deposits and $28.6 million in loans.​Total assets and liabilities of approximately $60.8 million and $230.6 million, respectively, were sold. A net gain of $715,000 was recognized from the transactions, which included a $10.1 million deposit premium and the extinguishment of $7.8 million in goodwill and $0.5 million in intangibles during the three months ended March 31, 2024. Principles of ConsolidationThe unaudited condensed consolidated financial statements as of and for the period ended March 31, 2025 and 2024 include results from the Company, and its wholly owned subsidiaries, Merchants Bank, FMBI (until its branches were sold and its bank charter merged into Merchants Bank on January 26, 2024) and MAM. Also included are