Merchants and Farmers Bank, based in Salisbury with a branch in Fayette, will be sold to BTC Bank of Bethany, Missouri. Merchants & Farmers owners Ron and Becky Schepker broke the news to the bank’s four branches last week.

The terms of the purchase allow BTC Bank to substantially acquire all of the assets and deposits associated with Merchants & Farmers Bank.

“We are excited to have the opportunity to acquire such a community-minded bank,” said Doug Fish, BTC Bank President and CEO, in a press release on Monday. “Merchants and Farmers Bank strongly aligns with BTC Bank’s culture, values, and dedication to its customers and communities. The blending of talent and expertise from both banks, along with increased product and service capabilities, will be a tremendous benefit to all stakeholders involved.”

The purchase is subject to regulatory and stockholder approval, which is expected to occur over the next two months. The banks expect integration planning to begin immediately and the conversion of banking systems to take place in October. Once finalized, BTC Bank will have 22 locations throughout Missouri and southern Iowa, bringing its total assets to over $1 billion.

“For over 100 years, both BTC Bank and Merchants and Farmers Bank have been committed to helping individuals, families, businesses, and farmers thrive and be successful in our communities,” said Mr. Fish. “BTC Bank looks forward to continuing that success by taking the necessary steps to ensure a smooth transition of service for our new customers while continuing our long-term commitment to providing exemplary service to all of the communities we serve.”

BTC Bank, founded in 1919, is one of the largest agricultural lenders in the state. It currently has 17 branches throughout Missouri, including one in Boonville, and one branch in Lamoni, Iowa. 

According to branch personnel in Fayette and Columbia, banking operations will be largely unchanged during and after the sale. Account numbers, mortgages, and even routing numbers will likely remain the same. Branches are expected to maintain all employees.

According to a legal notice that appears on page 11 of this newspaper, Bethany Bankshares, Inc., the parent company of BTC Bank, and Merchants and Farmers Bank have applied to the Federal Deposit Insurance Corporation (FDIC) for consent for the acquisition. Anyone wishing to comment on the sale may do so in a written submission to the FDIC at its Kansas City office no later than September 4.

Merchants and Farmers bank was founded in 1903 in Salisbury. The Fayette branch opened in 1991. Other branches are located in Columbia and Hardin.