First Merchants Bank (Muncie, IN)


Overview / Commentary
765-747-1536
200 E. Jackson St.
Muncie, IN 47305

First Merchants Bank (Muncie, IN) is headquartered in Muncie and is the 2nd largest bank in the state of Indiana. It is also the 128th largest bank in the nation. It was established in 1893 and as of June of 2020, it had grown to 1,924 employees at 136 locations. First Merchants Bank (Muncie, IN) has an A+ health rating.

Related Posts

Checking Account Bonus of Up to $400 at First Merchants Bank - 4/30/2020

Checking account bonuses of up to $400 are being offered by the Indiana-based First Merchants Bank. The promotion is available online in parts of IN, IL, MI and OH.

Reviews (4)

Arlington Bank bought out by First Merchants Bank

I had an account at Arlington Bank before they merged with First Merchant Bank. It was a small community bank where everyone knew everyone. It was easy to set up checking accounts and handle transactions in a timely manner. I had a checking and savings account with them. Now, since they have changed hands, I'm not exactly sure what their new goals are or how they changed. It was a positive experience working with Arlington Bank and adds to the hometown feel cities need to keep adopting instead of throwing away.

A small local bank got worse as it got bigger

I started banking with them when it was called Cooper State Bank, which was locally owned in my city, with only a small handful of branches. They were the only bank that had very generous weekend hours, including being open for about four hours on Sundays. Due to my weird working schedule, this was the primary reason I signed up with them. Their staff was incredibly friendly and helpful, and I never had to spend more than a few moments inside to get stuff done. I am just a normal working class guy, but they still took it upon themselves to address me by name when I walked in, which made me feel at home. I had an experience with debit card fraud once, and they helped me resolve it incredibly quickly, to the point where the money was back in my account (provisionally) the next day. There were no hoops to jump through, just twenty minutes of filling out some paperwork and a brief chat with the branch manager, who not only got my money back, but gave me some tips on how to avoid this kind of problem in the future.

My savings account minimum balance is only $100, and there is no minimum on my free personal checking account. They offer CDs at pretty standard rates. I have not used any of their business services, but would feel confident with them.

However, they were acquired by a larger firm based out of a different state, called First Merchants Bank. Once this acquisition happened, some of the staff with whom I had become very familiar were replaced, and the bank changed its hours so that it was no longer open on the weekends. I have stayed with them because of their proximity to my home, and just because I am already set up through them and don't want the hassle of going elsewhere at this point. But this acquisition kind of ruined the two things (personal relations with employees, and weekend hours) that were the biggest selling points of the bank.

Lack Of Compassion

Posted by: |

I realize that I cannot mention names, so I will rewrite my original review that was deleted. In my opinion, the branch manager in the Harvey office and the Retail Regional VP lack consideration and compassion for its customers.

They are not providing their customers in certain banks and location all the facts when a customer asks a legitimate question.

Many employees provide excellent customer service. Others do not. Please try to file legitimate complaints if you feel you are being mistreated by a bank representative!

Choose Any Other Bank.

Posted by: |

If only I could rate with zero stars, I would. They just took over a great local, community bank called iAB. I have had more problems with First Merchants in a month than I have had with banks ever.

-First they had us verify our contact info, which we did. When the merger was complete, suddenly the contact info is wrong.

-Second, if you want to use an app, good luck figuring out who gets the app as you can only have one app per account.

-Third, you cannot us Chrome because there is a known glitch.

-Customer service isn't great either.

Time to find a better bank. Which could be any other bank in the country.



Health
A+

Health Grade Components

Overall
FDIC Certificate #4365
Year Established1893
Employees1924
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.11%
Return on Equity - YTD7.79%
Annual Interest Income$229.0MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$13.80B$10.72B
LoansQ2 2020vs Q2 2019$9.18B$7.44B
DepositsQ2 2020vs Q2 2019$11.00B$8.44B
Equity CapitalQ2 2020vs Q2 2019$1.88B$1.51B
Loan Loss AllowanceQ2 2020vs Q2 2019$121.1MM$81.3MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$53.3MM$23.1MM
Real Estate OwnedQ2 2020vs Q2 2019$7.4MM$1.1MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not First Merchants Bank (Muncie, IN); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

First Merchants Bank (Muncie, IN) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%*$25k*-Health Savings Account - Family
OTHER TIERS: 0.01% $100 - $1k | 0.02% $1k - $10k | 0.03% $10k - $25k
0.05%*$25k*-Health Savings Account - Individual
OTHER TIERS: 0.01% $100 - $1k | 0.02% $1k - $10k | 0.03% $10k - $25k
0.03%*$25k*-Regular Savings
OTHER TIERS: 0.01% Up to $5k | 0.02% $5k - $25k

First Merchants Bank (Muncie, IN) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$10k*-180 Day Promotiona;l Money Market w/ Elite Checking (New Money)
OTHER TIERS: 0.01% Any amount
0.20%*$1m*-Money Market Savings
OTHER TIERS: 0.01% Up to $10k | 0.03% $10k - $25k | 0.05% $25k - $50k | 0.07% $50k - $100k | 0.10% $100k - $500k | 0.15% $500k - $1m
0.20%*$10k*-180 Day Promotiona;l Money Market w/o Relationship (New Money)
OTHER TIERS: 0.01% Any amount

First Merchants Bank (Muncie, IN) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$10k*-First Merchants Elite Checking
OTHER TIERS: 0.01% Up to $2.5k | 0.03% $2.5k - $5k | 0.07% $5k - $10k
0.05%*$10k*-First Merchants First Direct Checking
OTHER TIERS: 0.01% $2.5k - $5k | 0.03% $5k - $10k
0.02%*$10k*-First Merchants Advantage Checking
OTHER TIERS: 0.01% Up to $10k

First Merchants Bank (Muncie, IN) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$1k-60 Month CD
0.30%$1k-48 Month CD
0.20%$1k-36 Month CD
0.15%$1k-12 Month CD Special
0.15%$1k-24 Month CD
0.09%$25-Smart Saver CD
Locations

Availability

Indianapolis Area

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