First Merchants Corp. and MBT Financial Corp. have finalized a merger. Following regulatory approvals last month, the companies closed the merger through a 100% stock transaction effective Sept. 1.
As a result of the deal, Monroe Bank & Trust will merge into First Merchants Bank, which operates a dozen branches in Northwest Indiana.
MBTF operated 20 banking center locations in southeast Michigan area, all of which will be part of the First Merchants franchise. Founded in 1858, Monroe Bank & Trust had total assets of $1.3 billion, total loans of $769 million, and total deposits of $1.2 billion as of June 30.
With the merger, First Merchants will have assets of approximately $12 billion and will remain the second largest financial holding company headquartered in Indiana.
The company will have 130 banking offices in Indiana, Michigan, Ohio and Illinois.