Merchants Bancorp entered into a definitive agreement to acquire CITBA Financial Corporation (OTCPK:CBAF) in a reverse merger transaction on May 8, 2013. Under the terms of the agreement, Merchants Bancorp's shareholders will exchange each of their 10,000 shares for 370.8 shares of CITBA shares, thereby resulting in ownership of 80% in CITBA. Upon completion, CITBA will be renamed as Merchants Bancorp. Citizens Bank, subsidiary of CITBA, will be merged with and into Merchants Bank of Indiana of Merchants Bancorp. Shares of CITBA will not be changed by the transaction and the existing shareholders will keep their share certificates with no need to exchange them for new certificates, despite the name change. The transaction subject to regulatory and CITBA shareholder approval, and is expected to be completed in the third quarter of 2013.

Mike Renninger of Renninger & Associates LLC acted as financial advisor and John Tanselle of Krieg DeVault LLP acted as legal advisor for Merchants Bancorp. Craig Mancinotti of Austin Associates, LLC acted as financial advisor and Mark Barnes of Mark Barnes Law PC acted as legal advisor for CITBA. Mark Bandy Barnes of Avvo, Inc. represented CITBA Financial in the transaction.