Carmel-based Merchants Bank of Indiana is planning to build a $25 million corporate headquarters in the city's Midtown district. Construction could begin this fall and is expected to wrap up in 2017. Last year, a proposed merger with parent Merchants Bancorp and Mooresville-based CITBA Financial Corp. was called off because of because of regulatory approval delays.

May 1, 2015

News Release

CARMEL, Ind. - Merchants Bank of Indiana joined Old Town Development today to announce a new corporate headquarters to be built in the Midtown area in Carmel. The NEW Merchants Plaza – home to executive offices, residential and multifamily mortgage banking operations and a new retail bank branch – will be an estimated $25 million project, a 100,000 square-foot building to be built on the corner of 4th Street and Monon Avenue. The plans also call for a new City Market on the main level of the new building.

The new corporate headquarters, to be built by Old Town Development, will bring an estimated 70 bank employees to the Midtown area - a redevelopment area designed to connect Carmel's vibrant Arts & Design District and the City Center. Construction will begin in the fall of 2015 with plans to open by the spring of 2017. The building will include Merchants Bank of Indiana offices on the upper floors and a bank branch on the main level. An estimated 100 construction jobs will be created by this project.

"Merchants Bank of Indiana's competitive posture, operations, and foundation for profitable growth are all stronger today than ever before. Our company is blessed with more than 100 employees whose creativity, hard work, and customer dedication have made our success possible," said Michael Petrie, Chairman, Merchants Banks of Indiana. "We are pleased to identify Midtown as the site for our new Corporate Headquarters. This new location will provide a great working environment for our team and provide for future expansion in a community positioned as a premier place for people to live and work."

Old Town Development also announced that the main level of the NEW Merchants Plaza will include a new City Market to serve the public. It will be 15,000 square feet of retail space designed for roughly 20 vendors. Among the plans for this project are an Indiana-based wine producer tasting room, an Indiana brewery, fresh produce, fresh meat and seafood space and an on-site bakery.

"I am very excited to see our vision for Midtown continue to take place with today's announcement," said Mayor Jim Brainard. "Having Merchants Bank of Indiana headquartered just a short walk away from the restaurants, galleries and shops along Main Street will be a boost to our local businesses. I congratulate Old Town Development for its hard work on bringing a first-class tenant to one of their new projects. And I welcome Merchants Bank of Indiana to Midtown."

Merchants Bank of Indiana is the fastest growing bank in the state of Indiana. This move will allow for its future growth and expansion of business operations. The company currently employs 107 at its existing location and retail branch locations.

Source: Merchants Bank of Indiana