Muncie-based First Merchants Corp. (Nasdaq: FRME) says it will acquire Indianapolis-based Hoosier Trust Co. The banking company did not disclose financial terms of the deal.
Hoosier Trust provides trust and investment management services to clients in central Indiana. First Merchants says it is heavily investing in its Midwest presence and community impact.
“Hoosier Trust Company has demonstrated tremendous success since its founding, and like First Merchants, the company commits to maintaining the highest standards of integrity and professionalism in client relationships,” said First Merchants President Michael Rechin. “This strategic acquisition will further strengthen First Merchants’ private wealth practice and continue our efforts to serve as a financial resource for all potential clients in the communities we serve.”
First Merchants operates 125 banking offices in Indiana, Michigan, Ohio and Illinois.