Muncie-based First Merchants Corp. (Nasdaq: FRME) has announced plans to acquire The Arlington Bank, based in Ohio. The more than $75 million transaction, which remains subject to regulatory and shareholder approvals, is expected to close by mid-year.
If approved, The Arlington Bank will merge into First Merchants Bank. First Merchants expects the integration to be complete by the end of the year. The combined company will have 109 banking offices in 27 Indiana counties and two counties in both Ohio and Illinois.
"The addition of The Arlington Bank supports our growth initiative, making the company more visible and impactful in Columbus, one of the fastest growing cities in the Midwest," said Michael Rechin, chief executive officer of First Merchants. "The Arlington Bank team has much to be proud of and my teammates and I look forward to working with them as partners."
The merger agreement says Arlington shareholders will receive 2.7245 shares of First Merchants common stock for each share of Arlington stock. If the transaction is approved, First Merchants will remain the second-largest financial holding company headquartered in Indiana.