The parent company of First Farmers Bank & Trust has announced plans to expand.
First Farmers Financial Corporation has entered into an agreement to acquire deposit relationships of nine central Indiana BMO Harris Bank branches. The purchase includes locations in Marion, Logansport, Terre Haute, Farmersburg, Sullivan, Clay City, Brazil, Carlisle and Shelburn. First Farmers Bank and Trust will acquire seven of the nine branches and retain employees from all nine locations.
The acquisition does not include any loans, other than overdraft lines of credit. Commercial accounts, accounts with cash management services and certain other accounts associated with those locations are also exempt. As of February, the branches had deposits of approximately $134 million.
The transaction is expected to close in the latter part of 2014. First Farmers Bank & Trust has 24 branches in Indiana, including locations in Knox, North Judson and Culver.
