Grey Mountain Holdings Inc. agreed to acquire Chillicothe, Mo.-based Investors Community Bank, a unit of IFB Holdings Inc., the Chillicothe Constitution-Tribune reported.

Under the agreement, IFB Holdings shareholders will receive cash in exchange for each common share held. Each shareholder will also receive a cash dividend from IFB Holdings of excess capital.

The all-cash deal is expected to close in the third quarter, according to the report.

IFB Holdings will merge with a subsidiary of Grey Mountain Holdings. Investors Community Bank will operate as a unit of Grey Mountain Holdings under its current name, at the same location and with the same staff.

Grey Mountain Holdings is owned by two investors who have operated businesses in central Missouri. Investors Community Bank had assets of roughly $79 million as of Dec. 31, 2020.

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