Tri-County Bancorp and Mayville Financial agree to merge

What's the deal? Tri-County Bancorp, Inc. and Mayville Financial Corp. have announced a merger agreement, combining the two community banking organisations.

Details on the financial terms of the deal, including valuation and deal structure, were not disclosed in the initial announcement.

The signal: Community bank consolidation continues apace across the US, as smaller institutions face mounting pressure from rising compliance costs, competition from larger banks, and the need for scale to invest in digital infrastructure. With both Tri-County Bancorp and Mayville Financial still in early growth stages, the merger underscores how joining forces has become a preferred survival strategy for community banks seeking to remain competitive.

Read more: prnewswire.com