As part of the $82.6 million merger, shareholders of The Arlington Bank will receive 2.7245 shares of First Merchants Corporation common stock for each share of The Arlington Bank common stock held. The former shareholders of The Arlington Bank will receive information shortly on how to complete the exchange of their Arlington Bank stock.
Michael C. Rechin, First Merchants Corporation's Chief Executive Officer stated, "We are pleased that this merger received overwhelming approval by The Arlington Bank shareholders. The Arlington Bank clients will now have access to expanded product and service options along with the additional capital resources and lending capacity that First Merchants provides. The merger will add three locations to our seven banking centers in Columbus, Ohio, one of the fastest growing markets in the country. With the legal aspects of the merger behind us, we can exclusively focus our attention on taking care of our clients."
James R. DeRoberts, Chairman and CEO of The Arlington Bank, stated, “We look forward to being a part of First Merchants and working with Mike Rechin and his team to bring the best of both organizations to the Upper Arlington and Grandview markets. We have a deep-rooted commitment to community banking by providing personalized financial service solutions to retail and mortgage customers.”
Thomas C. Westfall, The Arlington Bank’s President added, "We are excited about becoming part of the First Merchants family, and believe this partnership benefits our clients, shareholders and communities. Our clients will now have access to a broader network and expanded products and services, while still enjoying community banking service delivered by people they know and trust. For nearly 20 years, our associates and management team have been driven to be the bank of choice in Upper Arlington and Grandview. Our bankers look forward to taking advantage of new product capabilities and continuing to build momentum with our clients as First Merchants. The core values of both companies share a commitment to local decision making, personal service, long-term relationships and community involvement." Mr. Westfall will continue in a leadership position with First Merchants working to insure a seamless transition and achieving the growth goals for the Columbus, Ohio market.
Under the leadership of Jennifer M. Griffith, First Merchants Bank’s Ohio Region President, the bank will have ten full-service banking centers in the Columbus, Ohio, marketplace and nearly $1 billion in loans extended to central Ohio clients.
Ms. Griffith stated, “This is a tremendous opportunity to join great teams in vibrant neighborhoods. The Arlington Bank’s deep roots in the community have been a differentiator and we’re committed to strengthening those ties together. The people make the difference and we know we have a winning combination. I look forward to working with Tom to continue building our bank together.”
About First Merchants Corporation
First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, which also operates as Lafayette Bank & Trust and First Merchants Private Wealth Advisors as divisions of First Merchants Bank
First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).