MUSCATINE, Iowa — This week CBI Bank and Trust of Muscatine, Iowa announced it will acquire the Joy, Ill. branch of the Farmers-Merchants Bank of Illinois.
"We’re excited by the opportunity to build on this strong agriculture customer base and join the Joy community. We look forward to many years of serving our new customers," said Greg Kistler, the CBI Bank and Trust president and CEO.
This merger will only affect the Joy office within the Farmers-Merchants Bank consortium. Currently, this branch holds approximately $62 million in deposits and $27 million in outstanding loans, which will be transferred by the end of the first quarter of 2024.
"We plan to stay in touch throughout the process and realize the value customers place on working with bankers they know and trust. Our goal is to transition the current Farmers-Merchants Bank staff to the CBI Bank & Trust organization," Kistler said.
For CBI Bank, this will become another one of their 17 branches throughout west-central Illinois and eastern Iowa. The Joy branch is located at 101 West Main Street.
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