GENEVA, Ind. – A subsidiary of Ohio-based Farmers & Merchants Bancorp Inc. (Nasdaq: FMAO) has acquired an investment advisory firm in Adams County. Financial terms of FM Investment Services’ purchase of Adams County Financial Resources in the town of Geneva are not being disclosed.
FM Investment Services says ACFR had approximately $83 million in assets and more than 450 clients as of the end of November. The company says all of ACFR’s employees, including founder Lee Flueckiger, have joined the FM Investment Services team.
“Diversifying our sources of revenue is an important part of our growth strategy,” said Lars Eller, chief executive officer of FM Investment Services. “ACFR significantly increases the scale of FM Investment Services, while further expanding our presence in Northeastern Indiana.”
The acquisition is not the first in Adams County for Farmers & Merchants Bancorp. In January 2019, the bank acquired the parent of Bank of Geneva in a $90 million deal.