Dentons-advised First Merchants Corp. and First Savings Financial Group Inc., represented by Luse Gorman PC, announced Thursday a headline-making merger valued at approximately $241 million, a deal set to reshape Indiana’s banking landscape.
Under the agreement, each First Savings shareholder will receive 0.85 shares of First Merchants common stock for every First Savings share they hold. Based on Wednesday’s closing price of First Merchants stock, that exchange equals $33.60 per share, according to the joint statement.
Expanding Footprints and Influence
The transaction will see Jeffersonville-based First Savings fold into First Merchants, further strengthening First Merchants’ dominance across Indiana.
“We view First Savings Bank as a meaningful addition to our Indiana deposit network,” said Mark Hardwick, First Merchants CEO. “Its presence strengthens our southern Indiana growth potential. We are also excited about the opportunities the triple net lease financing, home equity lines, and SBA lending verticals will offer by supporting steady, diversified loan growth across economic cycles.”
First Savings brings $2.4 billion in total assets, $1.9 billion in loans, and $1.7 billion in deposits. With 16 branches in southern Indiana, the bank adds critical scale to First Merchants’ network.
