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Proposed Business Combination
9 Months Ended
Sep. 30, 2018
Proposed Business Combination [Abstract]  
Proposed Business Combination

NOTE 8 PROPOSED BUSINESS COMBINATION

 

The Company signed a definitive merger agreement whereby F&M will acquire Limberlost Bancshares, Inc. (“Limberlost”), Geneva, Indiana, the holding company for Bank of Geneva, in a combination stock and cash transaction.  Bank of Geneva operates six full-service offices in northeast Indiana and has approximately $287 million in assets, $257 million in loans, $212 million in deposits and $30.6 million in consolidated equity as of June 30, 2018.  Limberlost is taxed as an S-Corporation.

 

Subject to the terms of the merger agreement, which has been approved by the Board of Directors of each company, Limberlost shareholders will receive 1,830 shares of F&M common stock for each outstanding share of Limberlost common stock plus $8,465 in cash.  Limberlost currently has 1,000 shares of common stock outstanding.  Based on the F&M closing share price as of August 17, 2018, the transaction is valued at approximately $88.765 million in aggregate.