Ameriana shareholders set to vote on merger

Shareholders of Ameriana Bancorp are scheduled to meet Dec. 7 to vote on the New Castle-based financial institution’s $69 million sale to Muncie-based First Merchants Corp.

The deal, announced in June, furthers First Merchants’ strategy of expanding in central Indiana and provides a hefty premium to Ameriana shareholders. The $22.71-per-share price is 45 percent above where Ameriana’s shares were trading the day before the deal was announced.

First Merchants said in a regulatory filing that it expects to reap $9.8 million in cost savings after completion of the deal.