What First Savings Financial Group does

First Savings Financial Group, Inc. was an Indiana-chartered bank holding company headquartered in Clarksville, Indiana, operating through its wholly owned subsidiary First Savings Bank. Founded in 1937, the company provided community-focused personal and small business banking services including checking, savings, mortgages, home equity, vehicle and personal loans, credit cards, SBA lending, commercial banking, treasury management, wealth management, nonprofit banking, and retirement plan services (the latter powered by Vestwell). Distribution was via a physical branch network across Indiana, with digital banking delivered through mobile and online channels (mobile deposit, Zelle, bill pay, estatements).

The company generated revenue primarily through net interest income on its loan portfolio and deposits, supplemented by fee income from treasury management, wealth management, and SBA lending activity. At the time of merger, First Savings carried approximately $2.4 billion in assets and reported FY2025 (ended September 30, 2025) net income of $23.2 million, up from $13.6 million in the prior year — a roughly 70% year-over-year improvement. Customer concentration was low, with a horizontally diversified base of retail depositors, small businesses, commercial clients, nonprofits, and high-net-worth wealth clients in Indiana markets.

On September 25, 2025, First Savings entered a definitive merger agreement with First Merchants Corporation (NASDAQ: FRME) in a stock-for-stock transaction valued at approximately $230 million (~$241.3 million total) at a 0.85 share exchange ratio. Regulatory approvals from the FDIC, Indiana Department of Financial Institutions, and Federal Reserve Bank of Chicago were obtained, and shareholders approved the merger on December 19, 2025. The merger closed effective February 1, 2026, after which First Savings Bank merged into First Merchants Bank, producing a combined entity with approximately $21.4 billion in assets — the second-largest financial holding company headquartered in Indiana. Larry Myers, who had served as President and CEO for nearly 20 years, joined the First Merchants Corporation Board of Directors, with full integration of the combined platform expected during Q2 2026.

Name

First Savings Financial Group

Legal name

First Savings Financial Group, Inc.

Website

https://fsbbank.net

Company type

Private

Founded year

1937

Operating status

Acquired

Headcount range

101–250 employees

Short description

First Savings Financial Group was an Indiana-chartered bank holding company (founded 1937) operating First Savings Bank, a community bank serving individuals, small businesses, and nonprofits across Indiana with deposits, lending, SBA, treasury, and wealth services. Acquired by First Merchants Corporation in February 2026.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (52211)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community banking services
• Small business lending
• SBA lending programs
• Personal banking products
• Wealth management services

Headquarters

HQ city

Clarksville

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Distribution channels1 record

Core offering

First Savings Financial Group operated a community banking franchise through its subsidiary First Savings Bank, providing personal banking (checking, savings, money market, mortgages, home equity, vehicle loans, personal loans, credit cards), small business banking with SBA lending, commercial banking with treasury management, and wealth management and retirement plan services for individuals, families, nonprofits, and businesses in Indiana. Distribution was through a physical branch network complemented by mobile and online banking channels.

Product overview

First Merchants Bank, following its acquisition of First Savings Financial Group in February 2026, operates as a unified banking platform offering a comprehensive suite of personal, small business, commercial, and wealth management products. The integrated entity provides personal banking (checking, savings, mortgages, loans, credit cards), digital banking through mobile and online channels, small business services including SBA lending, commercial banking with treasury management, and specialized private wealth and nonprofit banking services. The $2.4 billion asset acquisition expanded First Merchants' footprint in Southern Indiana and Louisville, combining First Savings Bank's community banking capabilities with First Merchants' broader product portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking Comprehensive personal banking services for consumer customers, including checking accounts, savings accounts, debit cards, overdraft protection, mortgages, home equity lending, vehicle loans, personal loans, and credit cards.
• Small Business Banking Banking services tailored for small businesses, including small business checking and savings accounts, online and mobile banking, term loans, lines of credit, SBA lending, and fix-and-flip loans.
• SBA Lending Small Business Administration lending programs providing government-backed loans to support small business growth and expansion, operated by a dedicated Small Business Lending team.
• Commercial Banking Comprehensive commercial banking services including commercial bank accounts, ABL solutions, agricultural lending, commercial real estate financing, community business lending, debt capital markets, NNN finance, practice finance, public finance, sponsor finance, and small business lending.
• Treasury Management Cash management and treasury services for commercial clients including liquidity management, payables, receivables, lockbox services, remote deposit capture, and fraud prevention solutions.
• Wealth Management Personal wealth management services including investment management, financial and estate planning, private banking, and retirement planning delivered through dedicated wealth advisors.
• Private Wealth Management Comprehensive wealth management solutions for high-net-worth individuals, including personal wealth management, commercial wealth management, mobile and online access via a private wealth online portal, and specialized private banking services.
• Nonprofit Banking Specialized banking services designed for nonprofit organizations, including dedicated relationship management and customized financial solutions for operating, reserve, and donor funds.
• Retirement Plan Services Retirement plan administration and management services powered by Vestwell, providing employers and employees with comprehensive retirement savings solutions.

Segments1 record

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• First Merchants CorporationcoreStrategic or Co-development Partner · 1 February 2026First Savings Financial Group merged with First Merchants Corporation in a stock transaction effective February 1, 2026. The combined entity has approximately $21.4 billion in assets and became the second largest financial holding company headquartered in Indiana. First Savings Bank merged into First Merchants Bank, with full integration expected during Q2 2026. The acquisition expanded First Merchants' footprint into Southern Indiana and Louisville MSA.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Old National Bancorp: Indiana-headquartered regional bank holding company offering community, commercial, and wealth banking across the Midwest. Directly comparable to First Savings in geography, business mix, and target customer segments.
• First Financial Bank (Indiana): Indiana-headquartered community bank holding company with comparable deposit, mortgage, and small business banking operations in Indiana and adjacent states. Closely matched in franchise profile and customer focus.
• German American Bancorp: Indiana-headquartered community bank with commercial, retail, and wealth operations in Indiana and Kentucky. Directly comparable community-banking model serving overlapping Southern Indiana geographies.
• Stock Yards Bank & Trust: Kentucky-headquartered community bank with strong Louisville MSA presence. Directly comparable to First Savings' Louisville expansion target market and community/commercial banking model.
• Lakeland Financial (Lake City Bank): Indiana-headquartered community bank holding company with similar relationship-based commercial and retail banking. Comparable in operating model, market focus, and product mix.
• First Merchants Corporation: The acquiring parent entity; now the operating platform into which First Savings was merged. Comparable in every dimension of community/commercial/wealth banking and is the direct successor entity for evaluating the combined franchise.
• Centier Bank: Indiana-headquartered community bank focused on relationship-based personal, small business, and commercial banking. Closely matches First Savings' community-bank positioning in Northern Indiana.
• Heartland Financial (HTLF): Midwest-focused community bank holding company operating multiple community bank brands across the region. Comparable multi-state community banking model serving small businesses and consumers.

Broad incumbents

• Fifth Third Bank: Large super-regional bank with significant Indiana retail and commercial presence. Competes for the same Midwest deposit and SMB customers but offers broader product scale and digital capabilities.
• Huntington Bancshares: Major Midwest regional bank with established Indiana footprint. Competes across consumer, small business, and commercial banking, with greater resources and a national digital platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/first-savings-bank-of-southern-indiana

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Savings Financial Group