First Merchants Bank (Muncie, IN) is headquartered in MUNCIE and is the 3rd largest bank in the state of Indiana. It is also the 103rd largest bank in the nation. It was established in 1893 and as of March of 2025, it had grown to 2,004 employees at 119 locations. First Merchants Bank (Muncie, IN)'s money market rates are 9X the national average, and it has a B+ health rating.
Party Like It's 1985
I refi'd this spring with a 2.25% rate. That's fantastic, but if I'd known what a headache it would be to *pay them*, I'd have taken a higher rate elsewhere. I'm still considering refinancing AGAIN just to get away from them.
- They can't autodraft my payment from my Huntington account. They blame Huntington. Odd, the refi for my other property completed in January manages to autodraft it just fine. As do my credit cards, etc. Only First Merchants can't get past this. They keep pulling the payment and then issuing a reversal and telling me I'm overdue.
- They can't ACH my Huntington account, either, though they told me they could and sent a form for me to do so.
- I finally used bill pay from my Huntington account to send them $1100. Nowhere on the site can I see that that $1100 payment posted, though they swear it did. Even the customer service agent said, "I could look at this list of transactions all day and they wouldn't make any sense to me." Great. How are they supposed to make sense to ME, then?
- I got an email saying payments weren't working and I was overdue, but when I call, they tell me I'm current. They say they've been mailing me statements, but I haven't gotten a single one from them. That department said they couldn't sign me up for e-statements, but they would transfer me to a department that could.
- Surprise! That department says they don't do e-statements for mortgages AT ALL. In 2021. So God forbid I would want to use money management software for transactions or something; there's zero chance of that.
If you want a bank that's living in this century, First Merchants is not for you.
Pass On This One
Couldn't agree more with the negative reviews trust the negative reviews
Don't Bank Here!
I tried to open an account 6 months ago, but they couldn't figure how to get online access for me so I closed it. They are now threatening to report me to the credit agencies if I don't deposit $6.61 in my account. I just can't even! Very poor business ethics
One Of The Worst Banks Ever
I have been a MBT member for 16 years and had my mortgage through them when I moved to Monroe. I had no issues up until they became FMB...I'd like to tell you what I really think that stands for but if I do, I'm sure I'll get deleted. The past two years since MBT was sold the service has sucked and their banking app is Making random mistakes and payments I never authorized!!!
This was all within about a year. First I noticed one bill was double paid, no big deal, it wasn't that much and I brushed it off. Second time...my mortgage was sold. I switched to the new bank in the app and deleted the old one. Well the idiots still paid the old bank! I asked what happened and explained I deleted the original bank. They said oh, you need to delete the payee on the website!!! Seriously??? Thanks for telling me, why don't you put a message in the app when you delete a payee that it must be deleted on the website!!! They were no help. Finally the last straw happened today. I decided to check my online account for a deposit, what do I find? I have a negative 8400 balance!!! I'm freaking out so I check my transactions and I see the app made a payment to my Visa for 8260 I did not authorize! They tell me oh I probably just put in a wrong amount There! The correct payment amount of 1400 was made 3 days before for 1400. How could I possibly created and approve this transaction.. it is impossible!!! I called the mobile bank help and they say we can open a ticket for you. Mind you this is December 14, I now have no money for bills, Christmas presents, or my vacation to Florida! I'm told I need to go to the branch and they should be able to close the account and open a new one so I don't lose my paycheck and bonus which the bank will take immediately because I have a negative balance. I asked can you please close it, nope they need it paid off. It's going to take months to get out of this hole!!!!! I have been a member for 16 years and they treated me like absolute SH!T!!! DO NOT USE FMB FOR ANYTHING AS THEY ARE THE WORST BANK I HAVE EVER HAD!!! If I could give a negative star I would.
Oh I forgot to add this. Even though I was way short of the amount needed to cover the payment they still sent it. It was rejected once for NSF which would have saved me but what do these idiots do...they put it through again so it gets accepted!!! Oh and now I have 5 $37 fees because I don't have the money to cover monthly bills. How absolutely messed up is this!!! AVOID LIKE THE PLAGUE!!!!!
Would NOT Recommend This Bank
Received very poor service on existing commercial loan.
Customer service reps on phone used pleasant scripted responses but on multiple occassions during the middle of a business day were unable to reach a loan officer for me. I left numerous voice mail requests for assistance. All went unanswered.
Overall opinion: This bank made thousands of dollars in interest from me over the years but could not even one time extend the simple courtesy of answering a request for service. Instead I received a form letter generated by a computer.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4365 |
| Year Established | 1893 |
| Employees | 2004 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.25% |
| Return on Equity - YTD | 9.9% |
| Annual Interest Income | $222.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $18.43B$18.31B |
| Loans | Q1 2025vs Q1 2024 | $12.84B$12.28B |
| Deposits | Q1 2025vs Q1 2024 | $14.51B$14.96B |
| Equity Capital | Q1 2025vs Q1 2024 | $2.33B$2.26B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $192MM$204.7MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $79MM$62.3MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $5MM$4.9MM |
