First Merchants Corporation (NASDAQ: FRME) ( “the company”) is a $21.3 billion-asset Indiana-based financial holding company. Through its bank subsidiary, First Merchants Bank (“the bank”), FRME operates 126 branches across a three-state footprint of Indiana, Michigan, and Ohio.
The company has historically augmented organic growth with opportunistic M&A, completing eight deals since 2014. Most recently, FRME completed its merger with First Savings Financial Group, Inc. (“FSFG”) in February 2026. The deal added $2.4 billion assets, expanded the footprint into southern Indiana, and provided solid growth opportunities in national specialty lending verticals (namely, triple-net leasing, first lien HELOCs and SBA lending). FRME’s earnings profile also includes fees related to wealth and mortgage, among others, which typically account for ~20% of revenues.
FRME maintains a commercially oriented $15.5 billion loan portfolio, with C&I…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.