First Merchants

What First Merchants does

First Merchants Corporation is a publicly traded financial holding company (NASDAQ: FRME) headquartered in Muncie, Indiana, founded in 1893 and operating as a regional community bank through its core subsidiary First Merchants Bank. Following the February 2026 all-stock merger with First Savings Financial Group, the combined entity holds approximately $21.4 billion in total assets, $15.3 billion in loans, and $16.5 billion in deposits, distributed across 127 banking centers in Indiana, Michigan, and Ohio. The institution serves five primary customer segments — personal/individual, small business, commercial, private wealth, and nonprofit — with regional headquarters in Muncie, Lafayette, Indianapolis, Fort Wayne, Columbus, Monroe, Royal Oak, and Jeffersonville.

The company's product portfolio spans core deposit accounts (Prosper Checking, Prosper Plus Checking, Simple Access Checking, First Direct Checking), consumer borrowing (mortgages, home equity, vehicle, personal loans, credit cards), small business and commercial lending (SBA, Fix & Flip / Gold Shield Lending, ABL, agricultural, commercial real estate, NNN finance, sponsor finance, practice finance, public finance), treasury management (lockbox via the IR360 platform, ACH/wire, fraud prevention), and private wealth services (investment management, estate planning, private banking, retirement). Technology is delivered primarily through the First Merchants Bank Mobile App (4.8-star rated, 28,000+ reviews) with biometric login, mobile deposit, Zelle integration, a Personal Finance Tool, Round Ups, Early Pay, and Overdraft Helper, augmented by Apple Pay/Google Pay/Samsung Pay wallet support and a Spiral-powered financial wellness layer.

First Merchants generates revenue principally through net interest income (interest on loans and investments less interest paid on deposits), supplemented by deposit service charges, loan fees and servicing, wealth management fees (subscription/recurring), and treasury management and community development lending. Pricing is tiered across consumer checking products ($0 to $10 monthly maintenance fees with direct deposit or balance waivers), with promotional rates such as a 3.85% APY Money Market special. Go-to-market is community-led: 127 physical banking centers with local decision-making combine with digital channels (online banking, mobile app, ATM network, 24/7 telephone banking) and dedicated commercial lending and private wealth offices. Distribution is supplemented by an ecosystem of community partnerships, including a flagship $2.02 billion Community Benefits Agreement with NCRC (2026-2030), positioning the bank as a relationship-driven, community-focused alternative to national banks in the Midwest.

Name

First Merchants

Legal name

First Merchants Corporation

Website

https://firstmerchants.com

Company type

Public

Founded year

1893

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

First Merchants Corporation is a publicly traded Midwestern bank holding company (NASDAQ: FRME) operating 127 banking centers across Indiana, Michigan, and Ohio, offering consumer, small business, commercial, nonprofit, and wealth management services to individuals and businesses in its regional footprint.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank) (FSABAAAJ), Bank-Affiliated Retail Wealth Management (FSAAAAAB), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking services
• Commercial lending products
• Consumer deposit accounts
• Wealth management services
• Small business banking

Headquarters

HQ city

Muncie

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest income from loans and investments minus interest paid on deposits. Primary revenue driver for the bank
2. Deposit Service Charges: Fees from checking accounts, ATM usage, overdraft protection, and other deposit-related services
3. Loan Fees and Servicing: Fees from mortgage lending, commercial loans, SBA lending, and other credit products
4. Wealth Management Services: Investment management, financial planning, estate planning, and private banking services
5. Treasury Management: Lockbox services, fraud prevention, receivables and payables management for commercial clients
6. Community Development Lending: Mortgage lending, small business lending, and community development investments under CBA commitments

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels6 records

Core offering

First Merchants Corporation, through its subsidiary First Merchants Bank, is a full-service regional bank offering personal checking and savings accounts, mortgages and home equity lending, consumer credit cards, small business banking including SBA and Fix & Flip loans, commercial lending (commercial real estate, agricultural, ABL, NNN, sponsor finance, public and practice finance), treasury management (lockbox, receivables, payables, fraud prevention), private wealth management (investment management, estate planning, retirement, private banking), and dedicated nonprofit banking services. Revenue is generated primarily through net interest income on loans and investments, deposit service charges, loan fees, and wealth management fees across 127 banking centers in Indiana, Michigan, and Ohio.

Product overview

First Merchants Bank operates as a full-service regional banking institution offering a unified platform of consumer, commercial, and wealth management products. The core digital banking experience centers on the First Merchants Bank Mobile App, supplemented by account-specific products like Prosper Checking, Prosper Plus Checking, and relationship-based savings accounts. Commercial services span Treasury Management, commercial lending, and specialized lending verticals (SBA, NNN Finance, Fix & Flip). Wealth management includes investment management, estate planning, and private banking. The bank also serves nonprofit organizations through dedicated banking services and maintains community commitment through its Community Benefits Agreement program. Digital features including Round Ups, Overdraft Helper, Early Pay, Mobile Deposit, and Zelle integration are built into the mobile and online banking platform.

Differentiator

Problem solved

Functional benefit

Products and services

• First Merchants Bank Mobile App Primary digital banking platform offering mobile check deposit, fund transfers, bill payments, Zelle integration, biometric login, card controls, and personal finance management tools for personal and small business customers.
• Prosper Checking Personal checking account offering overdraft protection via Overdraft Helper, Early Pay for early direct deposit access, and automatic savings through Round Ups. No monthly maintenance fee with one $500+ direct deposit per month or with at least $1,000 in combined personal deposit balances.
• Prosper Plus Checking Premium personal checking account offering relationship money market rate boosts, no annual fee on HELOCs, identity theft protection with Mastercard Debit Card, and free credit score monitoring. $0 or $10 monthly fee waived with one $1,500 direct deposit per month or $20,000 in combined balances.
• Simple Access Checking Basic personal checking account designed to help build banking history, with $4 monthly fee waived with one $200 direct deposit per month. Certified to Bank On standards for accessible banking.
• First Direct Checking Premium personal checking account with Early Pay, Overdraft Helper, ID Theft Protection, free credit score monitoring, and discounts on mortgage closing costs. $0 or $10 monthly fee.
• Personal Savings and Money Market Accounts Personal savings and money market deposit products for individuals, including promotional relationship-based rate boosts and a 180-day 3.85% APY Money Market special requiring a $10,000 minimum balance.
• Mortgage Lending Home purchase and refinancing mortgage products including conventional mortgages, the Next Horizon Mortgage first-time buyer program for affordable homeownership, and home equity loans and lines of credit.
• Home Equity Lending Home equity loan and line of credit products allowing customers to leverage home value for lump sum loans or ongoing credit access, including first-lien HELOC sweep options.
• Personal Credit Cards Personal credit card products supported through Elan financial services with online account access and First Merchants Mastercard Debit Card that supports Apple Pay, Google Pay, and Samsung Pay.
• Vehicle Loans Vehicle loan products for consumers financing personal-use cars and trucks.
• Personal Loans Unsecured personal loan products for individual consumers to support debt consolidation, major purchases, or other personal financing needs.
• Small Business Banking Small business checking and savings accounts, term loans, lines of credit, SBA lending, Fix & Flip loans via the Gold Shield Lending program, and workplace banking for small businesses and entrepreneurs.
• Gold Shield Lending (Fix & Flip Loans) Quick, dependable loans for the purchase and rehabilitation of investment properties, currently available in Michigan markets for real estate investors and small business landlords.
• Commercial Banking Full-service commercial banking including asset-based lending (ABL) solutions, agricultural lending, commercial real estate, community business lending, debt capital markets, NNN finance, practice finance, public finance, small business lending, and sponsor finance for mid-market and large commercial clients.
• Treasury Management Services Cash management services including liquidity management, payables (ACH and wire transfers), receivables (lockbox services via IR360 Online Receivables Platform), and fraud prevention tools for commercial clients.
• Private Wealth Management Wealth management services including personal wealth management, commercial wealth management, investment management, financial and estate planning, private banking, and retirement planning delivered by dedicated advisors.
• Nonprofit Banking Dedicated banking services for nonprofit organizations with specialized support under a Director of Nonprofit Services, including deposits, lending, and community development support to empower nonprofit missions.

Quantifiable outcome

• $2.02 billion in community benefits commitments for 2026-2030
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• National Community Reinvestment Coalition (NCRC)flagshipStrategic or Co-development Partner · 25 June 2026Five-year Community Benefits Agreement (2026-2030) totaling $2.02 billion in commitments including $650 million in mortgage lending to low- and moderate-income borrowers, $464 million in small business lending, $700 million in community development lending, $200 million in community development investments, and $6 million in philanthropy across Indiana, Michigan, and Ohio. Developed through collaborative listening sessions with community-based organizations.
• SpiralcoreTechnology or Integration · 31 March 2026Partnership to enhance digital banking experiences, financial wellness, and community support through personalized savings and charitable giving features integrated into everyday banking activities. Enables automatic savings, charitable giving, and community support features through the First Merchants mobile banking platform.
• First Savings Financial GroupflagshipStrategic or Co-development Partner · 1 February 2026Merger completion effective February 1, 2026, creating a $21+ billion asset bank. First Savings Financial Group was acquired in an all-stock transaction valued at approximately $241.3 million. First Savings Bank merged into First Merchants Bank with full integration expected during Q2 2026.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• WesBanco: WesBanco (NASDAQ: WSBC) operates community banks across West Virginia, Ohio, Pennsylvania, and Kentucky. Comparable Midwest/Appalachian regional bank with similar commercial and consumer product mix.
• Lakeland Financial Corporation: Lake City Bank parent (NASDAQ: LKFN) is an Indiana-headquartered community bank with strong commercial and relationship banking focus. Closely comparable in geographic concentration, customer segments, and community banking strategy.
• Old National Bancorp: Old National Bancorp (NASDAQ: ONB) is a Midwest-focused community bank holding company with overlapping presence in Indiana, Michigan, and Ohio following its merger with First Busey. Directly comparable in scale, customer mix, and community banking model.
• First Financial Bancorp: First Financial Bancorp (NASDAQ: FFBC) is an Ohio-headquartered regional bank with commercial, consumer, and wealth services. Directly comparable in size, Midwest concentration, and full-service banking model.
• Horizon Bancorp: Horizon Bancorp (NASDAQ: HBNC) operates in Indiana and Michigan with community banking, mortgage, and wealth services. Direct geographic overlap and similar product mix make it a relevant peer.
• German American Bancorp: German American (NASDAQ: GABC) is an Indiana-based community bank with branches across Indiana and Kentucky. Similar size, similar community banking focus, and significant overlap with First Merchants' Indiana footprint.
• Park National Corporation: Park National (NYSE: PRK) is an Ohio-based regional bank holding company with a community banking model and broad commercial lending. Similar scale, geographic focus on Ohio/Midwest, and customer profile.

Broad incumbents

• Huntington Bancshares: Huntington Bancshares (NASDAQ: HBAN) is a large super-regional bank with deep Midwest presence, particularly in Ohio and Michigan. Overlaps with First Merchants' commercial and consumer banking services but at significantly larger scale.
• Fifth Third Bancorp: Fifth Third Bancorp (NASDAQ: FITB) is a major super-regional bank headquartered in Cincinnati with extensive Midwest operations. Competes across consumer, commercial, and wealth segments in First Merchants' footprint at much larger scale.

Regional players

• Independent Bank Corporation: Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-chartered community bank. Strong geographic overlap in Michigan and similar community banking approach, though smaller in scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/FirstMerchants
• LinkedInlinkedin.com/company/first-merchants-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

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

M&A6 records

Investments2 records

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

Frequently asked questions about First Merchants