Merchants & Marine Bancorp, Inc., the parent company of Merchants & Marine Bank, and Farmers-Merchants Bank & Trust Company (“FM Bank”) jointly announced today that they have entered into a definitive agreement and plan of merger pursuant to which FM Bank will merge with and into Merchants & Marine Bank (the “Merger”) in an all cash transaction. The Merger has been approved unanimously by each company’s board of directors and is expected to close in the second quarter of 2026. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of the shareholders of FM Bank.
Upon completion of the merger, FM Bank expects to continue operating under its established brand as a division of Merchants & Marine Bank. Fred Mills, FM Bank’s President and Chief Executive Officer, will remain in his leadership role, guiding the bank’s continued success and commitment to the communities it serves.
“We are thrilled to welcome FM Bank to our growing family of community banking brands and expand their efforts,” commented Clayton Legear, Chairman & Chief Executive Officer of MNMB. “FM Bank has developed a reputation for providing personalized service and tailored financial solutions throughout Acadiana. This shared focus, combined with our shared mission as Community Development Financial Institutions, makes this a natural partnership. I look forward to working with Fred and the entire FM Bank team to leverage our combined strength to continue serving Acadiana for decades to come.”
“Since inception in 1932, Farmers-Merchants Bank & Trust Company has been about people — our customers, our employees, and the communities that have trusted us for generations,” said Fred Mills, President and Chief Executive Officer of FM Bank. “The heart of our success has always been the men and women who have worked here, the families who have banked with us, and the shareholders who believed in our mission. This partnership with Merchants & Marine Bancorp ensures that we will continue to be a true community bank — one that remains locally focused, committed to serving Acadiana, and dedicated to providing our customers with the same personal service they have always received.”
Janney Montgomery Scott provided a fairness opinion to MNMB in connection with this transaction, and Phelps Dunbar, LLP served as MNMB’s legal adviser. National Capital, LLC served as financial advisor to FM Bank, and Fenimore Kay Harrison LLP served as FM Bank’s legal advisor.
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