Merchants & Marine Bancorp, Inc. to Acquire Farmers-Merchants Bank & Trust Company in All-Cash Merger, Strengthening Community Banking Presence Across the Gulf South and Acadiana
Merchants & Marine Bancorp, Inc. (“MNMB”), the parent company of Merchants & Marine Bank, and Farmers-Merchants Bank & Trust Company (“FM Bank”) have jointly announced the signing of a definitive merger agreement that marks a major step forward in community banking across the Gulf South. Under the terms of the agreement, FM Bank will merge with and into Merchants & Marine Bank in an all-cash transaction. The boards of directors of both institutions have unanimously approved the deal, which is expected to close in the second quarter of 2026, pending customary regulatory approvals and FM Bank shareholder consent.
The merger reflects a shared vision between two community banking leaders with deep roots in their respective regions. FM Bank, founded in 1932, has built a trusted legacy in Louisiana’s Acadiana region, serving generations of customers with a people-first approach. Merchants & Marine Bancorp, founded in 1899 and reborn during the Great Depression in 1932, has evolved into a multi-brand community bank holding company known for its innovative approach to financial services while maintaining a strong community focus.
FM Bank to Continue Its Brand and Leadership Under Merchants & Marine Bank
Following the completion of the merger, FM Bank will continue to operate under its established name as a division of Merchants & Marine Bank. This structure will allow FM Bank to maintain its regional identity and customer relationships while gaining access to expanded resources, technology, and financial services capabilities through MNMB’s broader network.
Fred Mills, President and Chief Executive Officer of FM Bank, will continue to lead the division after the merger closes, ensuring a seamless transition and sustained focus on the communities FM Bank has served for over nine decades. Mills emphasized that the merger represents continuity rather than change in the bank’s mission and operations.
Since our inception in 1932, Farmers-Merchants Bank & Trust Company has always been about people — our customers, our employees, and the communities that have trusted us for generations,” said Mills. “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 remain a true community bank — locally focused, committed to Acadiana, and dedicated to providing the same personal service our customers have always received.
A Strategic Partnership Aligned by Shared Community Values
For Merchants & Marine Bancorp, the acquisition represents an opportunity to expand its footprint and enhance its community banking network across the Gulf South. FM Bank’s presence in Acadiana complements MNMB’s operations in Southern Mississippi, Coastal Alabama, and Southeastern Louisiana, creating a stronger regional platform for growth.
Clayton Legear, Chairman and Chief Executive Officer of MNMB, highlighted the cultural and strategic alignment that made the merger a natural fit.
We are thrilled to welcome FM Bank to our growing family of community banking brands,” said Legear. “FM Bank has developed a reputation for providing personalized service and tailored financial solutions throughout Acadiana. This shared focus, combined with our mission as Community Development Financial Institutions (CDFIs), makes this partnership a natural one. Together, we can leverage our combined strength to continue serving Acadiana for decades to come.
The merger unites two institutions with strong histories of resilience and service. Both banks have been recognized for their commitment to financial inclusion, small business development, and community investment. The combination will provide customers of FM Bank access to enhanced digital banking tools, expanded lending programs, and a broader range of financial products.
Financial and Legal Advisors
Janney Montgomery Scott provided a fairness opinion to MNMB for the transaction, while Phelps Dunbar LLP served as its legal advisor. FM Bank was advised by National Capital, LLC, and received legal counsel from Fenimore Kay Harrison LLP.
These advisory partnerships underscore the disciplined financial and strategic approach taken by both banks in pursuing this merger — one that ensures regulatory compliance, fair valuation, and a commitment to the long-term benefit of shareholders and customers alike.
About Merchants & Marine Bancorp, Inc.
Merchants & Marine Bancorp, Inc. (OTCQX: MNMB) is a Mississippi-based community banking organization serving the Gulf South region. Originally founded in 1899 and reestablished during the Great Depression in 1932, MNMB has grown into a diverse family of financial brands built on a foundation of community commitment and innovation.
Through its flagship brand, Merchants & Marine Bank, the company provides comprehensive financial services in Southern Mississippi and Coastal Alabama. In Southeastern Louisiana, MNMB operates under the Mississippi River Bank division, extending its regional presence and service capabilities.
Beyond traditional banking, MNMB’s portfolio includes several specialized divisions:
- Canvas Mortgage – Offering tailored mortgage financing solutions to help families achieve homeownership.
- CannaFirst Financial – Providing banking solutions for the growing medical cannabis industry.
- Voyager Lending – Delivering access to government-guaranteed credit and lending programs to support small businesses.
- Community of Resources – Offering operational, risk management, and support services to other financial institutions and community banks.
These diversified operations exemplify MNMB’s strategy of combining innovation with a deep commitment to community-focused banking. Its mission extends beyond financial growth — it emphasizes strengthening local economies, fostering entrepreneurship, and empowering underserved populations.
Continuity, Community, and Growth
The merger between MNMB and FM Bank underscores a broader trend in the community banking sector — one where scale and technology are becoming increasingly important, but without losing the human connection that defines local banking. By preserving FM Bank’s brand and leadership, MNMB demonstrates a thoughtful approach to growth that prioritizes continuity and customer trust.
This merger also positions the combined entity to better compete in a rapidly changing financial landscape. As community banks face mounting regulatory, technological, and operational pressures, consolidation among like-minded institutions provides opportunities for shared resources, enhanced efficiency, and expanded service offerings.
For customers, the benefits are clear: broader access to financial products, increased lending capacity, and continued personal service from familiar faces. For employees and communities, the merger ensures stability and growth potential backed by a financially strong and mission-driven parent organization.
A Shared Vision for the Future
As the merger progresses toward closing in 2026, both MNMB and FM Bank are committed to maintaining transparency and collaboration with their stakeholders. The combined institution aims to deepen its role as a community development partner across the Gulf South and Acadiana — supporting local businesses, investing in community projects, and delivering innovative financial solutions that drive regional prosperity.
With shared values rooted in integrity, service, and community development, Merchants & Marine Bancorp and Farmers-Merchants Bank & Trust are poised to create a stronger, more resilient financial institution. Together, they will continue their legacy of putting people first — ensuring that even as banking evolves, the communities they serve remain at the heart of everything they do.
