First Merchants makes big moves after lending-bias settlements
First Merchants has begun constructing a $2 million branch that’s expected to open in the mostly Black Avondale Meadows neighborhood in late November. It’s he most visible sign yet of sweeping changes at the Muncie-based financial institution after it settled redlining investigations last year.Read More
Muncie-based First Merchants plans to acquire Hoosier Trust for $3.2 million in a deal that is expected to close early next year.
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
Firms across the country from a broad range of industries will be taking a hard look at their dividends in the coming weeks, as the pandemic forces businesses to focus on conserving cash.
Clark Kellogg, a first-round draft pick for the Indiana Pacers in 1982 and current lead basketball analyst for CBS Sports, has been a member of the bank’s advisory board since 2001.
According to the complaint, First Merchants “engaged in unlawful redlining in Indianapolis by intentionally avoiding predominantly African-American neighborhoods because of the race of the people living in those neighborhoods.”
Investors have turned pessimistic about everything from the inevitability of a U.S. recession to growing international trade disruptions and higher loan defaults.
A former assistant manager has been sentenced after pleading guilty to stealing hundreds of thousands of dollars from depositors. She said she stole the money after she became addicted to playing slot machines.
The merged companies make up the second-largest financial holding corporation headquartered in Indiana, behind Evansville-based Old National Bank Bancorp.
The Muncie-based bank, which agreed to purchase New Castle-based Ameriana in June, had faced two shareholder lawsuits opposing the deal. Those lawsuits have been dropped.
Now we know exactly how much of a fortune—or not—that larger, Indiana-based banks are generating from those ill-timed debit and ATM transactions.
Ameriana shareholders said in the complaint that the $69 million offer is “inadequate” and that the deal deters competing bids.
As of June 30, First Merchants Bank had amassed $958 million in deposits at 27 Indianapolis-area offices, placing it 10th, Federal Deposit Insurance Corp. data shows.
The deal gives First Merchants a stronger foothold in affluent Hamilton County, and a total of 107 locations in three states.