First Merchants Completes Merger with Ameriana Bancorp

First Merchants' acquisition of Ameriana Bancorp contributed to the company's growth.

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Muncie-based First Merchants Corp. (Nasdaq: FRME) has completed its merger with New Castle-based Ameriana Bancorp (Nasdaq: ASBI). As part of the $70.4 million merger, Ameriana Bank locations will be integrated into the First Merchants brand during the first quarter.

First Merchants Bank now has 117 locations in Illinois, Indiana and Ohio. The merger will add five locations in Hamilton County and the company will now serve several new communities including New Castle, Knightstown, New Palestine and Greenfield.

"We are pleased that this merger received overwhelming approval by the Ameriana Bancorp shareholders," said Michael Rechin, CEO of First Merchants Corp. "Ameriana’s clients will now have access to expanded product and service options along with the additional capital resources and lending capacity that First Merchants provides."

Shareholders of Ameriana Bancorp will receive .9037 shares of First Merchants Corp. common stock for each share of Ameriana Bancorp common stock held. Former Ameriana shareholders will receive information on how to complete the exchange of their Ameriana stock.

Ameriana Chief Executive Officer Jerome Gassen and Chief Banking Officer Deborah Robinson will continue to manage the legacy Ameriana markets. They will also lead the opening of First Merchants’ first "digital concept banking center" in Broad Ripple.