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First Merchants Corporation (FRME)

- NASDAQ
  • May. 13, 2013, 9:33 AM
    More community bank consolidation: CFS Bancorp (CITZ) agrees to a buyout from First Merchants (FRME) in an all-stock deal worth $10.49/share, based on Friday's close (13.7% premium). First Merchants expects the deal to be accretive in 2014 with identified operating efficiencies of about 30% resulting in "tangible book value earnback of less than 3 years." Also of interest for those playing the trend: I, II.
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Company Description
First Merchants Corp through its subsidiaries provides its customers with financial services delivered locally by bankers. It offers personal banking, business banking, mortgage lending, cash management services, wealth management and insurance.