First Merchants is a community bank holding company headquartered in Muncie, Indiana, operating through its subsidiary First Merchants Bank across 111 branches in Indiana, Ohio, and Michigan, with $19B in total assets. First Merchants is commercially oriented, primarily serving Midwest businesses with C&I loans, commercial real estate loans, and construction loans, alongside a public finance business, consumer products (residential mortgages, home equity, personal loans), and a private wealth management offering for high-net-worth clients. The bank generates most of its revenue through net interest income — the spread between loan and investment yields and deposit costs. The loan portfolio totals roughly $13.8B, with new commercial originations coming on at roughly 6.5–7% yields. Because about two-thirds of loans are variable-rate, NIM is sensitive to Fed rate moves. Fee income comes from wealth management, treasury management, mortgage banking, card payments, and derivatives. First Merchants grows organically by adding commercial bankers and building specialty lending verticals, including a new asset-based lending team. Through M&A, First Merchants has grown assets at an 11.5% CAGR over the past decade; the company acquired First Savings Financial Group in early 2026, adding ~$2.4B in assets, 16 banking centers in southern Indiana, and fee-generating verticals including SBA lending, single-tenant net lease financing, and HELOC origination. First Merchants is currently focused on integrating First Savings rather than pursuing additional acquisitions.