First Merchants Bank

200 East Jackson Street
Muncie, IN 47305

Notable Rates APY Vs.Others
Savings N.A. 2.10% →
1-Year CD N.A. 2.02% →
2-Year CD N.A. 2.02% →
5-Year CD N.A. 2.02% →
30-Year Mortgage 3.69% 3.03% →
15-Year Mortgage 2.86% 2.77% →
HELOC N.A. 3.25% →

2020 Overview

General Bank Information

First Merchants Bank is an FDIC insured institution located in Muncie, IN. It was founded in 1893 and has approximately $12.31 billion in assets. Customers can open an account at one of its 149 branches.

FDIC Insured Yes
FDIC Certificate # 4365
Date Established 1893
Assets $12.31 billion
Loans $8.23 billion
Deposits $9.88 billion
Capital $1.76 billion

For a more detailed analysis of First Merchants Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Loan Rates - March 30, 2020

Your Current Location: Connecticut, CT 06828

Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.


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Financial Details

First Merchants Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Merchants Bank. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
First Merchants Bank U.S. Bank Average
1.62% 6.70%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of September 30, 2019, First Merchants Bank had $22,810,000 in non-current loans and $7,156,000 in owned real estate. To cover these potential losses it had $1,764,062,000 in equity and $80,571,000 in loans loss reserves. That gives it a Texas Ratio of 1.62%.

Return on Equity
First Merchants Bank U.S. Bank Average
10.73% 9.72%

First Merchants Bank has a Return on Equity of 10.73% versus the BestCashCow average of 9.72%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

First Merchants Bank U.S. Bank Average
14.34% 12.89%

First Merchants Bank has a Capitalization of 14.34% versus the BestCashCow average of 12.89. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

First Merchants Bank Balance Sheet Analysis

As of September 30, 2019, First Merchants Bank had assets of $12,305,199,000, loans of $8,226,599,000, and deposits of $9,882,399,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

September 30, 2019
Cash & Balances due from depository institutions $0.40 billion
Interest-bearing balances $0.22 billion
Total securities $2.49 billion
Federal funds sold and reverse repurchase $0.03 billion
Net loans and leases $8.23 billion
Loan loss allowance $0.08 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.01 billion
Goodwill and other intangibles $0.58 billion
All other assets $0.45 billion
     Total Assets $10.54 billion
Total deposits $9.88 billion
      Interest-bearing deposits $7.99 billion
      Deposits held in domestic offices $9.88 billion
      % insured (estimated) 74.88%
Federal funds purchased and repurchase agreements $0.19 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.35 billion
Subordinated debt $0.00 billion
All other liabilities $0.11 billion
      Total Liabilities $10.54 billion
      Shareholders’ Equity $1.76 billion

Summary Income Statement

September 30, 2019
Total Interest Income $0.34 billion
Total Interest Expense $0.07 billion
Net interest income $0.27 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.06 billion
Total non interest expense $0.18 billion
Pre-tax Net Operating Income $0.15 billion

Bank Loan Profile?

The top three loan types in First Merchants Bank’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks in Indiana, First Merchants Bank has a significantly higher percent of Multifamily Mortgages, Small Business Loans, Construction and Development Loans, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 21.42
Credit Card Loans 0.00
Consumer Auto Loans 0.76
Small Business Loans 7.42
Construction and Development Loans 8.15
Commercial Real Estate 27.08
Commercial and Industrial Loans 24.73
Farm Loans 1.10

Frequently Asked Questions About First Merchants Bank

Branches and Savings

Is First Merchants Bank FDIC insured?

Yes. It is covered under FDIC Certificate #4365.

Why does First Merchants Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are First Merchants Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is First Merchants Bank a commercial bank?


Where are First Merchants Bank locations?

See branch locations nearby.

Is First Merchants Bank open on Saturdays?

Is First Merchants Bank open on Sundays?

What time does First Merchants Bank open?

What time does First Merchants Bank close?

Are First Merchants Bank ATMs Open 24/7?

Do First Merchants Bank ATMs accept cash deposits?

Can First Merchants Bank customers use other ATMs?

Do First Merchants Bank branches have notaries?

Will First Merchants Bank notarize my document?

What address for First Merchants Bank should I put for incoming ACH transfers?

Will the First Merchants Bank branch print checks?

Do First Merchants Bank checks expire?

Does First Merchants Bank require US citizenship to open account?

Can First Merchants Bank close my account?

Does First Merchants Bank Report to credit bureaus?

Does First Merchants Bank Use Equifax?

What is First Merchants Bank's ACH Routing Number?

What is First Merchants Bank's SWIFT code?


Does First Merchants Bank offer mortgages?

Compare mortgage rates here.

Does First Merchants Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Merchants Bank offer personal loans?

Compare personal loan rates here.

Does First Merchants Bank offer student loans?

Will First Merchants Bank cash a check?

Will First Merchants Bank redeem a savings bond?

Does First Merchants Bank cash savings bonds?

Will First Merchants Bank cash money orders?

Can First Merchants Bank issue a money order?

Does First Merchants Bank do currency exchange?

Background on The Bank

Who owns First Merchants Bank?

How long has First Merchants Bank been around?

Can First Merchants Bank transfer to other banks?

Does First Merchants Bank have quick pay?

Does First Merchants Bank accept rolled coins?

Will First Merchants Bank accept loose change?

Where is First Merchants Bank headquarters?

Customer Reviews for First Merchants Bank

  • January 02, 2020 |

    CDs 12 Month Rates

    Rates are not the actual rate. The actual rates are 1% or more lower. Bank says they "don't know why" that rate show up. I do - it's a bait and switch.

  • July 15, 2019 |

    Flossmoor, IL Bank Manager determined that the Durable Power of Attorney was no longer valid, with no contact with the Power of Attorney (with an explanation) whatsoever, working only with a co-signatory, who emptied the account.

  • November 17, 2017 |

    If only I could rate with zero stars, I would. They just took over a great local, community bank called iAB. I have had more problems with First Merchants in a month than I have had with banks ever.

    -First they had us verify our contact info, which we did. When the merger was complete, suddenly the contact info is wrong.

    -Second, if you want to use an app, good luck figuring out who gets the app as you can only have one app per account.

    -Third, you cannot us Chrome because there is a known glitch.

    -Customer service isn't great either.

    Time to find a better bank. Which could be any other bank in the country.

    I miss my friendly, local bank.

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