As of December 31, 2013, CITBA
had consolidated total assets of USD 378.2m, deposits of USD 330.5m, and shareholders' equity of USD 36.2m.
Merchants, which is owned by chairman and CEO Michael Petrie and Randall Rogers and their families, and CITBA agreed the all-stock merger in May 2013, saying they expected to finalise the transaction in the third quarter of last year.
Pursuant to the terms of the cancelled combination, Merchants' eight stockholders would have received 370.7908 CITBA shares for each of their 10,000 shares, resulting in ownership of 80% of CITBA's outstanding stock.
CITBA would have continued as the surviving entity and would have adopted the name Merchants Bancorp.
CITBA engages in retail banking, while Merchants zeroes in on mortgage and agricultural lending and wealth services.
Merchants' eight stockholders will receive 370.7908 CITBA shares for each of their 10,000 shares, resulting in ownership of 80% of CITBA's outstanding stock.
The deal, which has to be cleared by CITBA's shareholders and regulators, is seen to be finalised in the third quarter.
CITBA will be the surviving entity after the transaction and will be renamed Merchants Bancorp.
The move brings together community lenders with complimentary business models, creating a player with multiple revenue streams, which is positioned for further growth, CITBA's CEO Lynn Gordon said.