First Merchants Corporation (NASDAQ: FRME) successfully completed its previously announced merger with Ameriana Bancorp (NASDAQ: ASBI) of New Castle, Indiana on December 31, 2015. In connection with the merger, Ameriana Bank has also merged with and into First Merchants Bank, N.A.
The combined First Merchants Bank now has 117 banking centers in Illinois, Indiana and Ohio and approximately $6.7 billion in assets, $4.6 billion in loans, $5.2 billion in deposits, and total shareholders’ equity of $809 million. The full integration of Ameriana Bank under the First Merchants brand is expected to be completed during the 1st quarter of 2016.
As part of the $70.4 million merger, shareholders of Ameriana Bancorp will receive .9037 shares of First Merchants Corporation common stock for each share of Ameriana Bancorp common stock held. The former shareholders of Ameriana Bancorp will receive information shortly on how to complete the exchange of their Ameriana Bancorp stock.
Michael C. Rechin, First Merchants Corporation’s Chief Executive Officer stated “We are pleased that this merger received overwhelming approval by the Ameriana Bancorp shareholders. 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.
The merger will add five locations to our thirteen banking centers in Hamilton County, the fastest growing Indiana market. We are also excited about the addition of four new communities that we don’t currently serve; New Castle, Knightstown, New Palestine and Greenfield, all suburbs of Indianapolis. With the legal aspects of the merger behind us, we can exclusively focus our attention on taking care of our clients.”
Ameriana Bank has a deep-rooted commitment to community banking by providing personalized financial services solutions to consumer and business customers. Jerome J. Gassen, Ameriana Bank’s Chief Executive Officer added “We are excited about becoming part of the First Merchants family, and believe this partnership benefits our clients, shareholders and communities.
Our clients will now have access to a broader network and expanded products and services, while still enjoying community banking service delivered by people they know and trust. For several years now, our executive management team has been driven to be the bank of choice in our marketplace.
Our bankers look forward to taking advantage of new product capabilities and continuing to build momentum with our clients as First Merchants. The core values of both companies share a commitment to local decision making, personal service, long-term relationships and community involvement.”
Mr. Gassen, along with Deborah Robinson, Ameriana Bank’s Chief Banking Officer, will continue to manage the legacy Ameriana markets and lead the opening of First Merchants first digital concept banking center in Broad Ripple.