First Merchants Corporation

First Merchants Corporation (Nasdaq: FRME) is the largest financial holding company based in Central Indiana,[1] headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank). First Merchants Corporation's common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. As of July 2020, total asset size of First Merchants Corporation was $13.8 billion.[2]

First Merchants Corporation
TypePublic
NASDAQ: FRME
Russell 2000 Component
Founded1892 (First Merchants Corporation)
HeadquartersMuncie, Indiana, United States
Key people
Michael Rechin, President & CEO
ProductsBanking, Trust
Total assets$13.8 billion USD (2020)
Number of employees
1,918 (2020)
Websitefirstmerchants.com

First Merchants offers customers broad financial services throughout locations in Indiana, Ohio, Illinois and Michigan providing:

  • Commercial Banking (business) – checking, treasury management, card services, financing, loans, electronic banking, online and mobile banking.
  • Personal Banking (consumer) – checking, savings, CDs, mortgages, loans, IRAs, HSAs, online and mobile banking.
  • Private Wealth Advisors - trusts, investments, 401(k) plans, 403(b) plans, profit sharing plans, pension plans, cross-tested plans, cash balance plans, Flexible Spending Accounts, IRAs, SEP IRAs, and succession planning.

In January 2019 First Merchants Bank was ranked #2 on the “America's Best Bank list[3][4] compiled by Forbes, up from their #4 ranking in 2018.[5]

First Merchants Bank was listed as one of the “Best Places to Work in Indiana” by the Indiana Chamber of Commerce in 2018 for Major Companies with 1,000+ employees[6] and again in 2019.[7] First Merchants Bank was also named as one of the “Best Places to Work” by Columbus Business First for 2018[8] and as one of the 2019 Best Employers in Ohio, a list created by the Ohio SHRM State Council, Crain's Cleveland Business and Best Companies Group. First Merchants was also named one of the “Best Places to Work” in the state of Illinois in 2018[9] and again in 2019.

History

First Merchants Bank was originally known as the Merchants National Bank of Muncie, Indiana, and it was organized during the Panic of 1893 by a group of service-minded businessmen who recognized a need in their community and acted to fulfill that need.[10] Spearheaded by Hardin Roads, a former successful wholesale grocer, the enterprising men invested capital of $100,000. This was the only time it was necessary to raise capital through outside sources.

Since then First Merchants Bank has been growing both organically and through mergers and acquisitions. The history and timeline of banks acquired includes:

· 1893 – Merchants National Bank, Muncie, IN

· 1988 - Pendleton Banking Company, Pendleton, IN

· 1991 – First United Bank, Middletown, IN

· 1996 – Union County National Bank, Liberty, IN

· 1996 – The Randolph County Bank, Winchester, IN

· 1999 – First National Bank of Portland, Portland, IN

· 1999 - Anderson Community Bank, Anderson, IN

· 2000 – Decatur Bank & Trust, Decatur, IN

· 2001 – Frances Slocum Bank & Trust, Wabash, IN

· 2002 – Lafayette Bank & Trust, Lafayette, IN

· 2003 – Commerce National Bank, Columbus, OH

· 2008 – Lincoln Bank, Plainfield, IN

· 2012 – Shelby County Bank, Shelbyville, IN

· 2013 – Citizens Financial Bank, Munster, IN

· 2014 – Community Bank, Noblesville, IN

· 2015 – Cooper State Bank, Columbus, OH

· 2015 – Ameriana Bank, New Castle, IN

· 2017 – Arlington Bank, Columbus, OH

· 2017 – iAB Financial Bank, Fort Wayne, IN

· 2019 – Monroe Bank & Trust, Monroe, MI[11]

References
  1. "Investors | First Merchants". www.firstmerchants.com. Retrieved 2016-05-05.
  2. "Corporate Profile | First Merchants Bank". ir.firstmerchants.com. Retrieved 2019-10-31.
  3. "Forbes ranks First Merchants Bank #2 of America's Best Banks". www.firstmerchants.com. Retrieved 2019-03-04.
  4. Badenhausen, Kurt. "America's Best And Worst Banks 2019". Forbes. Retrieved 2019-03-04.
  5. "Forbes ranks First Merchants as top-five U.S. bank for 2018 | First Merchants Bank". www.firstmerchants.com. Retrieved 2019-03-04.
  6. Patrick, Rebecca (2018-02-19). "Record 125 Best Places to Work in Indiana Companies Named". Indiana Chamber of Commerce. Retrieved 2019-03-04.
  7. Patrick, Rebecca (2019-02-18). "2019 Best Places to Work in Indiana Companies Named; Chamber Announces Rankings April 30". Indiana Chamber of Commerce. Retrieved 2019-03-04.
  8. "Best Places To Work in Columbus Ohio". www.bizjournals.com. Retrieved 2019-03-04.
  9. "2018 "Best Places to Work in Illinois"". www.bestplacestoworkil.com. Retrieved 2019-03-04.
  10. http://www.indianahistory.org/our-services/books-publications/hbr/first-merchants-bank.pdf
  11. "First Merchants, Monroe Bank & Trust Finalize Merger". www.firstmerchants.com. Retrieved 2019-03-04.
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