First Merchants Bank (Muncie, IN) is headquartered in Muncie and is the 2nd largest bank in the state of Indiana. It is also the 134th largest bank in the nation. It was established in 1893 and as of December of 2017, it had grown to 1,677 employees at 133 locations. First Merchants Bank (Muncie, IN) has an A+ health rating.
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.
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.
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.
|FDIC Certificate #||4365|
|Return on Assets - YTD||1.27%|
|Return on Equity - YTD||8.81%|
|Annual Interest Income||$314.5MM|
|Assets and Liabilities|
|Assets||Q4 2017vs Q4 2016||$9.35B$7.18B|
|Loans||Q4 2017vs Q4 2016||$6.68B$5.08B|
|Deposits||Q4 2017vs Q4 2016||$7.20B$5.59B|
|Equity Capital||Q4 2017vs Q4 2016||$1.40B$973.6MM|
|Loan Loss Allowance||Q4 2017vs Q4 2016||$75.0MM$66.0MM|
|Unbacked Noncurrent Loans||Q4 2017vs Q4 2016||$28.8MM$28.6MM|
|Real Estate Owned||Q4 2017vs Q4 2016||$10.4MM$9.0MM|
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