MUNSTER – Citizens Financial Services, which operates Citizens Financial Bank, has been acquired by First Merchants Corp. of Muncie, Ind.

Shareholders of Citizens will receive .65 shares of First Merchants common stock for each share of Citizens stock. The deal is worth $115 million.

The merged operation will have assets of more than $5 billion and will be the second largest Indiana-based financial holding company. It will have more than 100 offices in 26 counties as well as locations in Ohio and Illinois.

Citizens CEO Daryl Pomranke will continue with the organization.