First Merchants Bank
Muncie, Indiana, Delaware County
$21.3B in total assets, the 104th largest of 4,309 US banks and 2nd of 89 headquartered in Indiana.
- FDIC certificate
- 4365
- Established
- 1893
- Owned by
- First Merchants Corp
- Primary regulator
- FDIC
At a glance
Compared with 132 US banks with $10 billion to $100 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $21.3B | 46% | $22.5B | |
| Loans | $15.6B | 54% | $14.4B | |
| Deposits | $16.8B | 46% | $18.4B | |
| Return on assets | 1.01% | 25% | 1.30% | |
| Net interest margin | 3.40% | 37% | 3.62% | |
| Efficiency ratio | 63.8% | 82% | 55.1% | |
| Equity to assets | 12.83% | 73% | 11.57% | |
| Loans to deposits | 93% | 76% | 87% |
Growth
Total assets grew 7.4% a year over the last 5 years and 12.0% a year over 10 years, including 5 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Feb 2026 | First Savings Bank Jeffersonville, IN | $2.4B |
| Apr 2022 | Level One Bank Farmington Hills, MI | $2.4B |
| Sep 2019 | Monroe Bank & Trust Monroe, MI | $1.3B |
| Jul 2017 | IAB Financial Bank Fort Wayne, IN | $1.1B |
| May 2017 | The Arlington Bank Upper Arlington, OH | $292M |
| Dec 2015 | Ameriana Bank New Castle, IN | $463M |
| Apr 2015 | Cooper State Bank Dublin, OH | $135M |
| Nov 2014 | Community Bank Noblesville, IN | $260M |
| Nov 2013 | Citizens Financial Bank Munster, IN | $1.1B |
| Feb 2012 | SCB Bank Shelbyville, IN | $183M |
| Sep 2010 | (unknown, CERT 57573) , IN | $25M |
| Sep 2009 | Lafayette Bank and Trust Company, National Association Lafayette, IN, an affiliate under the same holding company | $1.1B |
| Sep 2009 | Commerce National Bank Columbus, OH, an affiliate under the same holding company | $639M |
| Sep 2009 | First Merchants Bank of Central Indiana, National Association Anderson, IN, an affiliate under the same holding company | $1.1B |
| Apr 2007 | The First National Bank of Portland Portland, IN, an affiliate under the same holding company | $125M |
| Apr 2007 | United Communities National Bank Winchester, IN, an affiliate under the same holding company | $325M |
| Apr 2007 | Frances Slocum Bank and Trust Company, National Association Wabash, IN, an affiliate under the same holding company | $213M |
| Apr 2007 | Decatur Bank and Trust Company, National Association Decatur, IN, an affiliate under the same holding company | $167M |
| Jan 2006 | First United Bank, National Association Middletown, IN, an affiliate under the same holding company | $94M |
Where they operate
130 branches in 43 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Delaware County, IN | $2.3B | 63.6% | 1 of 6 |
| Hamilton County, IN | $2.0B | 6.5% | 4 of 32 |
| Lake County, IN | $1.1B | 6.6% | 4 of 16 |
| Monroe County, MI | $1.0B | 34.7% | 1 of 7 |
| Tippecanoe County, IN | $874M | 22.2% | 2 of 17 |
| Allen County, IN | $779M | 7.9% | 5 of 24 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 14 branches since 2016 (116 to 130, +12.1%). 12 opened, 69 acquired, 67 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 116 | |||
| 2016 | Opened IndianapolisClosed 6 in 2 states | 1 | 6 | −5 | 111 |
| 2017 | Acquired IAB Financial Bank and The Arlington BankClosed 5 in 2 states | 19 | 5 | +14 | 125 |
| 2018 | Opened Indianapolis and South BendClosed 6 in Indiana | 2 | 6 | −4 | 121 |
| 2019 | Acquired Monroe Bank & TrustClosed 8 in Indiana | 19 | 8 | +11 | 132 |
| 2020 | Opened 3 in 2 statesClosed 6 in Indiana | 3 | 6 | −3 | 129 |
| 2021 | Closed 16 in 4 states | 0 | 16 | −16 | 113 |
| 2022 | Acquired Level One BankOpened Columbus, closed 5 in 3 states | 18 | 5 | +13 | 126 |
| 2023 | Closed 6 in 3 states | 0 | 6 | −6 | 120 |
| 2024 | Opened Columbus and IndianapolisClosed 3 in 2 states | 2 | 3 | −1 | 119 |
| 2025 | Sold 5 branches to Old Second National BankOpened Detroit | 1 | 5 | −4 | 115 |
| 2026 through Q2 | Acquired First Savings BankOpened Floyds Knobs and Royal Oak, closed Farmington Hills | 16 | 1 | +15 | 130 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Business (C&I) | 30% | 17% | |
| Commercial real estate | 25% | 25% | |
| 1-4 family residential | 23% | 21% | |
| Construction and land | 6% | 6% | |
| Multifamily | 5% | 8% | |
| Farmland | 1% | 1% | |
| Consumer | 1% | 10% | |
| Agricultural | 1% | 1% | |
| Other | 9% | 13% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 64% | 62% | |
| Noninterest-bearing | 23% | 20% | |
| Time deposits | 13% | 18% |
Brokered deposits are 7.5% of deposits (peers 7.3%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.81% | 0.63% |
| Net charge-offs, annualized | 0.19% | 0.14% |
| Reserves to loans | 1.55% | 1.14% |
| Leverage ratio | 9.96% | 10.26% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Indiana
Largest competitors in Delaware County, IN
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/first-merchants