PASCAGOULA, Mississippi — April 1, 2026
Executive Summary
Merchants & Marine Bancorp, Inc. has announced the completion of its previously disclosed acquisition of Farmers-Merchants Bank & Trust Company in an all-cash merger transaction, effective 12:01 AM Central Daylight Time on April 1, 2026. As part of the transaction, FM Bank has been merged into Merchants & Marine Bank, expanding the Company’s operational footprint into the Acadiana Region of Louisiana. The acquired institution will continue operating under its established brand as “FM Bank, a Division of Merchants & Marine Bank.” The transaction increases consolidated scale across assets, loans, and deposits while reinforcing the Company’s multi-brand community banking strategy across the Southeast.
Announcement Overview
Merchants & Marine Bancorp, Inc. confirmed that it has successfully completed its acquisition by merger of Farmers-Merchants Bank & Trust Company, a financial institution headquartered in Breaux Bridge, Louisiana. The transaction was structured as an all-cash acquisition, with FM Bank formally merged into Merchants & Marine Bank, the Company’s primary banking subsidiary.
The transaction became legally effective at 12:01 AM Central Daylight Time on April 1, 2026, marking the official integration of FM Bank into the Company’s operating structure. The acquisition represents a continuation of the Company’s previously announced strategic initiative to expand its geographic presence and deepen its reach across key regional banking markets.
Following the completion of the merger, FM Bank has been incorporated into the Company’s existing framework of community-focused banking brands. The integration enables the Company to extend its service offerings into the Acadiana region while maintaining localized branding and operational continuity for existing FM Bank customers.
The transaction aligns with the Company’s approach of combining expansion with brand continuity, ensuring that acquired institutions retain their identity while benefiting from broader organizational resources and infrastructure.
Key Announcement Details
Transaction Identity and Nature
- Announcement Type: Bank acquisition completion through merger
- Nature of Transaction: Previously announced acquisition now completed
- Transaction Form: Acquisition by merger
- Consideration Type: All-cash transaction
- Acquirer: Merchants & Marine Bancorp, Inc.
- Acquirer Short Reference: The “Company”
- Acquirer Role: Parent company of Merchants & Marine Bank
- Bank Subsidiary: Merchants & Marine Bank
- Target Institution: Farmers-Merchants Bank & Trust Company
- Target Short Reference: “FM Bank”
- Merger Outcome: FM Bank merged into Merchants & Marine Bank
- Post-Merger Legal Status: FM Bank no longer operates as a separate legal banking entity
Effective Date, Time, and Announcement Timing
- Effective Date: April 1, 2026
- Effective Time: 12:01 AM Central Standard Daylight Time
- Announcement Date: April 1, 2026
- Time Zone References Included: Central Standard Daylight Time and Eastern Daylight Time
- Completion Status: Transaction effective as of specified time
Geographic Expansion and Market Entry
- Acquirer Headquarters Location: Pascagoula, Mississippi
- Target Headquarters Location: Breaux Bridge, Louisiana
- Expansion Geography: Acadiana Region of Louisiana
- Regional Description: Acadiana identified as a dynamic region
- Operational Expansion Impact: Extends Company’s banking operations into Acadiana
- Market Entry Method: Acquisition-based expansion
Branding, Identity, and Client Continuity
- Brand Continuity: FM Bank continues to serve clients under existing branding
- Divisional Branding: “FM Bank, a Division of Merchants & Marine Bank”
- Branding Structure: Inclusion within the Company’s Family of Community Banking Brands
- Customer Relationship Continuity: Existing FM Bank client relationships maintained
- Operational Identity: Divisional identity retained within integrated bank structure
Leadership Continuity and Executive Role
- Executive Name: Fred Mills
- Prior Role: Longtime FM Bank leader
- New Role: Divisional President & Chief Executive Officer, FM Bank Division
- Employer Post-Acquisition: Merchants & Marine Bancorp, Inc.
- Leadership Responsibilities:
- Formation of FM Bank strategy
- Execution of strategic initiatives
- Oversight of growth
- Management of service delivery
- Geographic Scope of Leadership Role: Acadiana Region
Financial Metrics and Consolidated Position
- Total Consolidated Assets: Approximately $1.3 billion
- Total Gross Loans: Approximately $691 million
- Total Deposits: Approximately $951 million
- Financial Figures Status: Unaudited totals
- Adjustment Clarification: Excludes merger-related adjustments
- Balance Sheet Impact: Consolidated Company financial position following merger
Community Banking Brand Framework
- Operating Model: Family of Community Banking Brands
- Total Brands After Acquisition: Seven unique community banking brands
- Brand Characteristics: Unique, community-focused banking brands
- Operational Coverage: Diversified niches throughout the Southeast
- Integration Approach: FM Bank incorporated into existing brand framework
Advisors and Transaction Participants
- Fairness Opinion Provider (Company): Janney Montgomery Scott
- Legal Advisor (Company): Phelps Dunbar
- Financial Advisor (FM Bank): National Capital, LLC
- Legal Advisor (FM Bank): Fenimore Kay Harrison LLP
- Advisory Scope: Financial advisory, legal advisory, and fairness opinion services
Corporate Identity and Regulatory Classification
- Corporate Name: Merchants & Marine Bancorp, Inc.
- Stock Exchange Listing: OTCQX
- Ticker Symbol: MNMB
- Bank Charter Type: Mississippi chartered community bank
- Regulatory Classification: Community banking institution
Historical Background and Institutional Development
- Original Founding Year: 1899
- Reestablishment Year: 1932
- Historical Context: Reestablished during the Great Depression
- Economic Reference: Great Depression described as the worst economic disaster in U.S. history
- Growth Trajectory: Expanded from $25,000 to more than $1 billion in assets
- Time Span of Growth: More than eight decades following reestablishment
Geographic Operating Structure and Brand Distribution
- Southern Mississippi Operations: Conducted under Merchants & Marine Bank brand
- Coastal Alabama Operations: Conducted under Merchants & Marine Bank brand
- Southern Louisiana Operations: Conducted under Mississippi River Bank brand
- Acadiana Region Operations: Conducted under FM Bank brand following acquisition
- Regional Coverage Strategy: Multi-brand deployment across geographic markets
Specialized Brands and Financial Service Lines
- Mortgage Financing Brand: Canvas Mortgage
- Medical Cannabis Banking Brand: CannaFirst Financial
- Government-Guaranteed Credit Brand: Voyager Lending
- Operational Services Brand: Community of Resources
- Service Scope of Community of Resources:
- Bank operational services
- Risk management services
- Finance services
- Support services
Banking Services and Delivery Channels
- Core Services: Banking services for customers across multiple regions
- Customer Segments: Individuals and businesses within served markets
- Product Scope: Traditional banking and specialized financial services
- Service Delivery Model: Combination of regional brands and centralized support functions
Investor Relations and Information Access
- Investor Relations URL: https://mandmbank.com/investor-relations/
- Purpose of URL: Access to investor and corporate information
- Information Availability: Public access to company-related financial and corporate data
Structural and Terminology Clarifications from the Announcement
- Use of Defined Terms:
- “Company” refers to Merchants & Marine Bancorp, Inc.
- “Bank” refers to Merchants & Marine Bank
- “FM Bank” refers to Farmers-Merchants Bank & Trust Company
- Transaction Description Language: “Completed its previously announced acquisition by merger”
- Integration Language: “Merged into the Bank”
- Operational Expansion Language: “Expands the Company’s banking operations”
- Brand Framework Language: “Family of Community Banking Brands”
Transaction Structure and Completion Details
The acquisition was executed through a merger transaction, in which Farmers-Merchants Bank & Trust Company was fully merged into Merchants & Marine Bank, the principal banking subsidiary of Merchants & Marine Bancorp, Inc.. The transaction was completed on an all-cash basis, reflecting the agreed structure between the parties.
The merger became effective at the specified time of 12:01 AM Central Daylight Time on April 1, 2026, marking the formal consolidation of operations. From that point forward, FM Bank ceased to exist as a standalone legal entity and began operating within the framework of Merchants & Marine Bank.
The structure of the transaction ensures that all operational, customer-facing, and institutional aspects of FM Bank are now integrated into the acquiring entity, while preserving certain brand and leadership elements as part of the Company’s broader multi-brand strategy.
The completion of the acquisition follows prior announcement and regulatory processes associated with bank mergers and consolidations, culminating in the finalized integration of assets, operations, and organizational structure.
Geographic Expansion into the Acadiana Region
The acquisition extends the operational footprint of Merchants & Marine Bancorp, Inc. into the Acadiana Region of Louisiana, a defined market area within the state. This expansion represents a geographic extension of the Company’s existing presence across the Gulf South region.
By entering Acadiana through the integration of FM Bank, the Company establishes a local presence in a new regional market while leveraging an existing institution with established customer relationships and operational infrastructure.
The expansion supports the Company’s broader regional banking strategy, which includes operating across multiple states through a combination of legacy brands and acquired institutions. The addition of Acadiana enhances the Company’s ability to serve customers across a wider geographic area within the Southeast.
Brand Continuity and Community Banking Model
Following the merger, FM Bank will continue operating under the name:
“FM Bank, a Division of Merchants & Marine Bank”
This approach reflects the Company’s established model of maintaining localized branding within a unified corporate structure. By retaining the FM Bank identity, the Company ensures continuity for customers, employees, and community stakeholders.
The integration into the Company’s Family of Community Banking Brands allows FM Bank to operate as part of a diversified portfolio of banking brands, each serving specific regional or niche markets while benefiting from centralized operational support.
This model enables the Company to balance local market identity with organizational scale, supporting both customer familiarity and operational efficiency.
Leadership Appointment and Organizational Continuity
As part of the acquisition, Fred Mills, a longtime leader of FM Bank, has joined Merchants & Marine Bancorp, Inc. in a senior leadership role.
Key Leadership Appointment
- Name: Fred Mills
- Title: Divisional President & Chief Executive Officer, FM Bank Division
In this capacity, Mills will continue to oversee:
- Strategic direction of FM Bank operations
- Growth initiatives within the Acadiana region
- Service delivery and customer engagement
His continued leadership ensures operational continuity and preserves institutional knowledge within the newly integrated division.
The appointment reflects the Company’s approach of retaining leadership from acquired institutions to support continuity and regional expertise.
Financial Impact and Consolidated Metrics
The completion of the acquisition results in updated consolidated financial metrics for Merchants & Marine Bancorp, Inc..
Post-Acquisition Consolidated Totals (Unaudited)
- Total Assets: Approximately $1.3 billion
- Gross Loans: Approximately $691 million
- Total Deposits: Approximately $951 million
These figures are unaudited and exclude merger-related adjustments, representing the combined scale of the Company following the integration of FM Bank.
The transaction increases the Company’s overall asset base and expands its lending and deposit portfolios, reflecting the addition of FM Bank’s financial position to the consolidated entity.
Expansion of Community Banking Brand Portfolio
With the addition of FM Bank, the Company’s Family of Community Banking Brands now includes:
Seven distinct community banking brands
These brands operate across diversified niches and geographic markets throughout the Southeast, supporting a multi-brand strategy that enables targeted service delivery.
The expansion reinforces the Company’s approach of operating multiple specialized brands under a unified corporate structure, allowing it to address different customer segments and regional markets.
Advisory and Transaction Support
Several financial and legal advisory firms were involved in the execution of the transaction.
Advisors to Merchants & Marine Bancorp, Inc.
- Financial Advisor:Janney Montgomery Scott
- Provided a fairness opinion in connection with the transaction
- Legal Advisor: Phelps Dunbar
Advisors to Farmers-Merchants Bank & Trust Company
- Financial Advisor: National Capital, LLC
- Legal Advisor: Fenimore Kay Harrison LLP
These advisory roles supported various aspects of the transaction, including financial evaluation, legal structuring, and execution.
Operational Model and Market Coverage
The Company’s operational model is built on a combination of:
- Regional banking presence
- Specialized financial services offerings
- Centralized operational support systems
This model allows the Company to address a range of customer needs while maintaining efficiency across its operations. The integration of FM Bank extends this model into the Acadiana Region, adding a new geographic component to its coverage.
The Company’s services are delivered through a combination of:
- Physical branch locations
- Regional brand identities
- Specialized product offerings
About Merchants & Marine Bancorp, Inc.
Merchants & Marine Bancorp, Inc. is the parent company of Merchants & Marine Bank, a Mississippi-chartered community bank serving customers across the Gulf South region. The institution traces its origins to 1899 and was reestablished in 1932 during the Great Depression, marking a significant historical milestone in its development.
Over the decades, the Bank has grown from an initial capital base of $25,000 to more than $1 billion in assets, reflecting sustained expansion across multiple markets.
Core Banking Operations
The Bank provides services through several regional brands:
- Merchants & Marine Bank — Serving Southern Mississippi and Coastal Alabama
- Mississippi River Bank — Operating in Southern Louisiana
- FM Bank — Serving the Acadiana Region of Louisiana
Specialized Financial Service Brands
In addition to traditional banking services, the Company operates specialized brands, including:
- Canvas Mortgage — Focused on mortgage financing
- CannaFirst Financial — Providing medical cannabis banking services
- Voyager Lending — Offering government-guaranteed credit access
Operational and Support Services
The Company also delivers internal services through:
- Community of Resources — A brand providing:
- Operational support
- Risk management services
- Financial management functions
This diversified structure enables the Company to support both customer-facing and internal operational needs across its network.
Media Contact
For additional information, visit mandmbank.com.
Source Attribution
Source: Company announcement