Related Party Transactions	12 Months Ended
Dec. 31, 2019
Related Party Transactions
Related Party Transactions	Note 18: Related Party Transactions The Company has entered into transactions with certain directors, executive officers and their affiliates or associates (related parties). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers, and did not, in the opinion of management, involve more than normal credit risk or present other unfavorable features. In 2016, the Company purchased a 30% ownership in one of its key loan processing vendors, and in 2019 increased its ownership to 44.23%. The investment is accounted for using the equity method of accounting. Fees paid to this company during each of the years ended December 31, 2019, 2018, and 2017 were $3.1 million, $3.4 million, and $3.7 million, respectively. At December 31, 2019, 2018, and 2017, fees of $214,000, $226,000, and $253,000 were accrued for services received. The Company retained a law firm of which a Board member of Merchants Bank, and previously of Merchants Bancorp through July 5, 2017, is a partner. Services rendered are primarily related to documentation of current loan originations, and loan collections from Merchants Bank’s borrowers. Fees paid to the law firm totaled $3.6 million, $3.7 million, and $3.0 million for the years ended December 31, 2019, 2018 and 2017 respectively. During 2019 the Company purchased technology equipment and services for its new corporate headquarters building from a company owned by a Board member of Merchants Bancorp. Fees paid directly and indirectly to this company totaled $641,000 for the year ended December 31, 2019. No fees were incurred for the years ended December 31, 2018 or 2017. On May 8, 2017, the Company entered into a purchase agreement to acquire FMBI from Mr. Petrie, the Company’s Chairman and Chief Executive Officer and Mr. Rogers, a director of the Company. On October 31, 2016, the Company had entered into an Agreement and Plan of Merger to acquire FMBI. Because the timing and regulatory approval of the transaction was uncertain due to the Company’s capital position at December 31, 2016, the parties agreed that Messrs. Petrie and Rogers, would acquire FMBI. The acquisition of FMBI by the Messrs. Petrie and Rogers closed on April 3, 2017. The purchase agreement provided for the Company to pay a purchase price equal to approximately $5.4 million plus an approximate cost of funds of $16,000 for each 30 days after June 30, 2017, prorated to the closing date. The purchase price was equal to the price paid by Messrs. Petrie and Rogers, plus expenses and a cost of funds equal to 3.75%. The acquisition closed on January 2, 2018 at a total cost of approximately $5.5 million. At December 31, 2017 FMBI had $43 million in assets and $36.9 million of deposits.

Note 18: Related Party Transactions

The Company has entered into transactions with certain directors, executive officers and their affiliates or associates (related parties). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers, and did not, in the opinion of management, involve more than normal credit risk or present other unfavorable features.

In 2016, the Company purchased a 30% ownership in one of its key loan processing vendors, and in 2019 increased its ownership to 44.23%. The investment is accounted for using the equity method of accounting. Fees paid to this company during each of the years ended December 31, 2019, 2018, and 2017 were $3.1 million, $3.4 million, and $3.7 million, respectively. At December 31, 2019, 2018, and 2017, fees of $214,000, $226,000, and $253,000 were accrued for services received.

The Company retained a law firm of which a Board member of Merchants Bank, and previously of Merchants Bancorp through July 5, 2017, is a partner. Services rendered are primarily related to documentation of current loan originations, and loan collections from Merchants Bank’s borrowers. Fees paid to the law firm totaled $3.6 million, $3.7 million, and $3.0 million for the years ended December 31, 2019, 2018 and 2017 respectively.

During 2019 the Company purchased technology equipment and services for its new corporate headquarters building from a company owned by a Board member of Merchants Bancorp. Fees paid directly and indirectly to this company totaled $641,000 for the year ended December 31, 2019. No fees were incurred for the years ended December 31, 2018 or 2017.

On May 8, 2017, the Company entered into a purchase agreement to acquire FMBI from Mr. Petrie, the Company’s Chairman and Chief Executive Officer and Mr. Rogers, a director of the Company. On October 31, 2016, the Company had entered into an Agreement and Plan of Merger to acquire FMBI. Because the timing and regulatory approval of the transaction was uncertain due to the Company’s capital position at December 31, 2016, the parties agreed that Messrs. Petrie and Rogers, would acquire FMBI. The acquisition of FMBI by the Messrs. Petrie and Rogers closed on April 3, 2017. The purchase agreement provided for the Company to pay a purchase price equal to approximately $5.4 million plus an approximate cost of funds of $16,000 for each 30 days after June 30, 2017, prorated to the closing date. The purchase price was equal to the price paid by Messrs. Petrie and Rogers, plus expenses and a cost of funds equal to 3.75%. The acquisition closed on January 2, 2018 at a total cost of approximately $5.5 million. At December 31, 2017 FMBI had $43 million in assets and $36.9 million of deposits.