First Merchants history

Proof that the businessmen had been right in recognizing the need for banking services in Muncie was visibly demonstrated in 1904 when space requirements dictated a move to larger quarters across the street, to the northwest corner of the same intersection, in what was known as the Neely Block.

Ten years later in 1914, the bank was established in its own "new" building at Jackson and Mulberry streets.

A merger of Merchants National Bank of Muncie, Delaware County National Bank of Muncie and Merchants Trust & Savings Company was announced in 1933.

These two banks were reorganized as independent institutions in 1946, the same year Chester Wingate was elected president of First Merchants Bank on the retirement of Frank Bernard.

Branch banking came to Delaware County in 1951 when Merchants National Bank opened the Madison Street branch.

Two more branches were added with the purchase of the Muncie Banking Company in 1953.

In January of 1958, William P. Givens was elected the fourth president of the bank, and the "new era" in Delaware County banking was initiated.

Originally established in 1963, Frances Slocum Bank had assets of $162 million and banking offices in Wabash, Kokomo, Peru and North Manchester, Indiana.

Other areas were expanded with the move to automation by way of computerized accounting in 1965.

Decatur Bank has four offices located throughout Adams County and had assets of $128 million and was established in 1966.

In 1967 the former office of Indiana Steel & Wire Company was purchased and converted to one of the most modern Data Centers in East Central Indiana.

A very historic moment occurred in 1972 when First Merchants Bank moved into its new building at 200 East Jackson Street.

A new concept in banking became a reality in 1979 when First Merchants Bank opened Muncie's first supermarket branch bank at West Jackson Street and plans were in the making for a second supermarket branch, which opened the following year.

In 1982, the Board of Directors of Merchants National Bank approved the formation of an one-bank holding company - "First Merchants Corporation". The holding company form of organization, allowed increased flexibility under the rapidly changing conditions in the financial industry.

First Merchants Corporation took another major step when its management team decided to have its common stock listed on the NASDAQ market services in 1989.

In December 1991, Merchants National Bank became First Merchants Bank.

The Daleville Branch was established in facilities that had been vacated by Star Financial Bank in November 1992, which left the two without convenient access to banking services.

In January 1993, First Merchants Bank opened two new branch offices in the communities of Edgewood and Daleville.

In 1994, United States Banker magazine ranked First Merchants Corporation 12th out of 250 mid-sized banking companies in the United States on the basis of financial performance and strength--the highest rating of any Indiana-based company.

First Merchants’ East Jackson Street Banking Center moved in 1995 to new facilities at the corner of Highway 32 East and Country Club Drive.

In November 1996, First Merchants Bank opened a new banking center in the Marsh shopping complex on South Tillotson.

The new facility made possible the consolidation of two smaller, older banking centers--one on Kilgore and the other on West Jackson (inside the old Marsh store). In August 1997, the Corporation announced that it had passed $1 billion in assets.

To diversify the financial products available to its customers, the Corporation announced in April 1998, the acquisition of the Muncie office of Insurance & Risk Management, one of the oldest and largest multi-line insurance companies in east central Indiana.

Anderson retired in April 1999 and Michael L. Cox was named Chief Executive Officer and President of the Corporation completing an orderly and well-planned succession.

Early in 2000 the Corporation welcomed Decatur Bank & Trust Company to its affiliates.

With the acquisition of Frances Slocum Bank in Wabash, Indiana in July 2001, the Corporation significantly expanded its service area within East Central Indiana.

With Lafayette Bank & Trust Company’s 19 branch locations in 3 western Indiana counties (Tippecanoe, White & Jasper) and $750 million in assets, the Corporation’s assets substantially increased to $2.7 billion once the merger completed on April 1, 2002.

The trust departments within our affiliate banks were used to form First Merchants Trust Company, a new wholly-owned subsidiary of the Corporation, on January 1, 2003.

In recognition of our continued growth and our ever-expanding audit and regulatory environment within the banking industry, the Corporation successfully converted six state bank charters to national charters effective January 1, 2004.

During the fourth quarter of 2005, the Corporation’s board approved merging two banking affiliates with crossover markets into one bank – First United Bank, located in Henry County, merged into First Merchants Bank.

The merger was effective January 1, 2006.

Cox as our new president & CEO on April 24, 2007.

Joining us in February 2008, Michael Stewart became our first Chief Banking Officer.