Merchants Bancorp entered into a stock purchase agreement to acquire Joy State Bank from Michael F. Petrie and Randall D. Rogers for $5.4 million on May 8, 2017. Under the terms of deal, Merchants Bancorp will pay $5.4 million as consideration if deal closes on or before June 30, 2017. If the closing does not happen on June 30, 2017, then consideration will be increased by $0.02 million for each thirty days after June 30, 2017. Michael F. Petrie and Randall D. Rogers each own 50% stake in Joy State Bank. The consideration is expected to be funded from initial public offering of $5.8 million. The transaction was approved by Federal Reserve Bank of Chicago, but remains subject to the approval of the Illinois Department of Financial and Professional Regulation, Division of Banking. Deal was approved by the Board of Directors of Merchants Bancorp and Joy State Bank. The deal is expected to close in the first quarter of 2018. Michael J. Messaglia of Krieg DeVault LLP acted as legal advisor to Merchants Bancorp. Merchants Bancorp completed the acquisition of Joy State Bank from Michael F. Petrie and Randall D. Rogers on January 2, 2018. The transaction received all regulatory approvals required in the transactions.