First Merchants Corporation (FRME): Business Model Canvas [Jan-2025 Mise à jour]

First Merchants Corporation (FRME) représente une puissance financière dynamique stratégiquement positionnée dans le Midwest des États-Unis, offrant une approche complète et innovante de la banque qui transcende les modèles de services traditionnels. En mélangeant de manière transparente les relations avec les clients personnalisés avec des plateformes numériques de pointe, ce leader bancaire régional a conçu un modèle commercial sophistiqué qui répond aux besoins financiers complexes des entreprises, des particuliers et des communautés. Grâce à des partenariats stratégiques, à des produits financiers diversifiés et à une approche axée sur les relations, First Merchants Corporation s'est distinguée comme une institution financière flexible et avant-gardiste en vue d'offrir une valeur exceptionnelle sur plusieurs segments de clients.

First Merchants Corporation (FRME) - Modèle d'entreprise: partenariats clés

Banques locales et régionales pour les collaborations stratégiques

First Merchants Corporation entretient des partenariats stratégiques avec plusieurs institutions bancaires régionales de l'Indiana, de l'Illinois, de l'Ohio et du Michigan. Au quatrième trimestre 2023, la société a établi des réseaux collaboratifs avec environ 12 entités bancaires locales.

Banque partenaire	État	Focus de partenariat
Old National Bank	Indiana	Collaboration commerciale de prêts
Banque horizon	Indiana	Services financiers de petites entreprises

Provideurs de services de technologie financière (FinTech)

First Merchants Corporation a intégré des partenariats avec des fournisseurs de services fintech spécialisés pour améliorer les capacités bancaires numériques.

• Jack Henry & Associés - Intégration de la plate-forme bancaire numérique
• Fiserv - Core Banking Technology Solutions
• Plaid - Services de connectivité de données financières

Entreprises d'investissement et réseaux de gestion de patrimoine

La société a des partenariats stratégiques avec des sociétés d'investissement pour étendre les services de gestion de patrimoine. En 2023, First Merchants a des relations collaboratives avec 7 réseaux d'investissement.

Partenaire d'investissement	Actifs sous gestion	Type de partenariat
Raymond James	940 milliards de dollars	Réseau de référence de la gestion de la patrimoine
LPL financier	1,2 billion de dollars	Collaboration consultative financière

Compagnies d'assurance pour les produits financiers à vente croisée

First Merchants Corporation a établi des partenariats croisés avec des assureurs pour offrir des solutions financières complètes.

• Assurance à l'échelle nationale - produits d'assurance personnelle et commerciale
• State Farm - Gestion des risques et services d'assurance
• Chubb Limited - Offres d'assurance spécialisées

Valeur totale du réseau de partenariat estimée à 3,5 milliards de dollars en services financiers collaboratifs en 2024.

First Merchants Corporation (FRME) - Modèle d'entreprise: activités clés

Services bancaires commerciaux et de détail

Au quatrième trimestre 2023, First Merchants Corporation a déclaré un actif total de 21,4 milliards de dollars. La banque exploite 130 centres bancaires dans l'Indiana, l'Ohio, l'Illinois et le Kentucky.

Catégorie de service bancaire	Volume total (2023)
Prêts commerciaux	12,8 milliards de dollars
Prêts à la consommation	5,6 milliards de dollars
Dépôts totaux	18,3 milliards de dollars

Advisory de gestion de la patrimoine et d'investissement

First Merchants Private Wealth Advisors gère environ 4,2 milliards de dollars d'actifs sous gestion à partir de 2023.

• Services de planification financière complets
• Planification de la retraite
• Gestion du portefeuille d'investissement
• Services de planification de la confiance et de la succession

Développement de la plate-forme bancaire numérique

Les transactions bancaires numériques ont augmenté de 38% en 2023, avec Plus de 250 000 utilisateurs de banque numérique active.

Fonctionnalité de plate-forme numérique	Statistiques d'utilisation (2023)
Téléchargements d'applications bancaires mobiles	127,500
Transactions de paiement de factures en ligne	2,3 millions
Dépôts de contrôle mobile	1,7 million

Services de création de prêt et de crédit

Les premiers marchands ont traité 1,9 milliard de dollars de nouvelles origines de prêt en 2023.

• Prêts immobiliers commerciaux
• Programmes de prêts aux petites entreprises
• Prêts agricoles
• Services de crédit à la consommation

Fusions et acquisitions dans le secteur financier

En 2022, les premiers marchands ont achevé l'acquisition de Tower Bancorp pour 511 millions de dollars, élargissant sa présence sur le marché dans l'Ohio.

Détails d'acquisition	Informations financières
Entreprise cible	Tour bancorp
Valeur d'acquisition	511 millions de dollars
Nouvelles branches ajoutées	22

First Merchants Corporation (FRME) - Modèle d'entreprise: Ressources clés

Réseau bancaire régional

First Merchants Corporation opère dans 14 comtés de l'Indiana, avec 120 emplacements bancaires au quatrième trimestre 2023. Total Bank Branch Network s'étend sur 5 États: Indiana, Illinois, Ohio, Michigan et Kentucky.

État	Nombre de branches	Pénétration du marché
Indiana	86	68%
Ohio	16	12%
Michigan	8	6%
Illinois	6	5%
Kentucky	4	3%

Gestion et ressources humaines

En 2023, First Merchants Corporation emploie 1 987 professionnels bancaires avec une expérience moyenne de l'industrie de 15,6 ans.

• Équipe de direction exécutive: 7 cadres supérieurs
• Tiration moyenne de gestion: 12,3 ans
• Porte-diplômes avancés: 62% de la direction

Infrastructure bancaire numérique

La plate-forme bancaire numérique prend en charge 287 000 utilisateurs de services bancaires en ligne actifs et 156 000 utilisateurs de banque mobile au T2 2023.

Métriques de plate-forme numérique	2023 statistiques
Utilisateurs de la banque en ligne	287,000
Utilisateurs de la banque mobile	156,000
Volume annuel de transaction numérique	42,3 millions

Portefeuille de produits financiers

Les offres de produits diversifiées comprennent les prêts commerciaux, les services bancaires personnels, la gestion de la patrimoine et les services de trésorerie.

• Prêts commerciaux: 4,2 milliards de dollars
• Comptes bancaires personnels: 312 000
• Actifs de gestion de patrimoine: 1,8 milliard de dollars

Gestion de la relation client

Le système de gestion de la relation client suit 587 000 relations avec les clients avec les capacités avancées d'analyse de données.

Métriques de performance CRM	2023 données
Relations totales des clients	587,000
Taux de rétention de la clientèle	89.4%
Points de contact annuels d'interaction client	3,2 millions

First Merchants Corporation (FRME) - Modèle d'entreprise: propositions de valeur

Solutions bancaires personnalisées pour les entreprises et les particuliers

Au quatrième trimestre 2023, First Merchants Corporation propose des solutions bancaires personnalisées avec les mesures financières suivantes:

Catégorie de produits	Valeur totale	Segment de clientèle
Prêts commerciaux	2,3 milliards de dollars	Petites et moyennes entreprises
Banque personnelle	1,7 milliard de dollars	Clients individuels

Taux d'intérêt concurrentiels et produits financiers

Taux d'intérêt et offres de produits en janvier 2024:

• Comptes d'épargne personnels: 3,75% apy
• Comptes de chèque d'entreprise: taux d'intérêt de 2,25%
• Prêts commerciaux: à partir de 6,50% avr
• Taux hypothécaires: Fixe de 30 ans à 6,85%

Plateformes complètes des banques numériques et mobiles

Métriques de plate-forme numérique	2023 données
Utilisateurs de la banque mobile	287,000
Volume de transaction en ligne	4,6 milliards de dollars
Taux d'adoption des banques numériques	68.3%

Expertise du marché local et approche axée sur les relations

Présence du marché et statistiques sur les relations:

• Opérant dans 6 États du Midwest
• Réseau de succursale total: 125 emplacements
• Durée moyenne de la relation client: 8,2 ans
• Taux de rétention de la clientèle: 92,5%

Services financiers intégrés sur plusieurs segments

Segment de service	Actif total	Contribution des revenus
Banque commerciale	5,2 milliards de dollars	42% des revenus totaux
Gestion de la richesse	1,8 milliard de dollars	18% des revenus totaux
Banque de consommation	3,6 milliards de dollars	35% des revenus totaux
Services d'investissement	0,6 milliard de dollars	5% des revenus totaux

First Merchants Corporation (FRME) - Modèle d'entreprise: relations avec les clients

Gestion des relations personnelles

First Merchants Corporation conserve 125 centres bancaires dans l'Indiana, l'Illinois, l'Ohio et le Kentucky en 2023. La banque emploie 2 127 employés au total dédiés à la gestion de la relation client.

Métrique d'interaction client	2023 données
Fréquence moyenne d'interaction client	3,7 fois par trimestre
Gestionnaires de relations bancaires personnelles	387 professionnels
Taux de rétention de la clientèle	84.6%

Assistance bancaire en ligne et mobile

First Merchants fournit des services bancaires numériques avec les mesures suivantes:

• Utilisateurs de la banque mobile: 213 456 utilisateurs actifs
• Transactions de plate-forme bancaire en ligne: 4,2 millions par mois
• Taux de téléchargement de l'application mobile: 67 890 téléchargements annuels

Approche bancaire axée sur la communauté

Métriques d'engagement communautaire pour 2023:

Catégorie d'investissement communautaire	Montant total
Investissements communautaires locaux	3,7 millions de dollars
Financement de soutien aux petites entreprises	12,5 millions de dollars
Contributions de bienfaisance locales	1,2 million de dollars

Canaux de service à la clientèle dédiés

L'infrastructure du service client comprend:

• Centre d'appels de support client 24/7 24/7
• Temps de réponse moyen: 2,3 minutes
• Représentants du service à la clientèle: 214 membres du personnel

Services de conseil financier sur mesure

Répartition spécialisée du conseil financier:

Service de conseil	Volume annuel du client	Valeur de consultation moyenne
Gestion de la richesse	4 890 clients	2,3 millions de dollars
Planification de la retraite	6 210 clients	1,7 million de dollars
Conseil des banques d'affaires	2 340 clients	4,1 millions de dollars

First Merchants Corporation (FRME) - Modèle d'entreprise: canaux

Réseau de succursale physique

En 2023, First Merchants Corporation exploite 129 sites bancaires dans l'Indiana, l'Ohio, l'Illinois et le Kentucky.

État	Nombre de branches
Indiana	78
Ohio	27
Illinois	14
Kentucky	10

Plateformes bancaires numériques

First Merchants fournit des solutions bancaires numériques complètes avec les fonctionnalités suivantes:

• Accès du compte en ligne 24/7
• Surveillance des transactions en temps réel
• Services de paiement
• Téléchargements des déclarations de compte

Applications bancaires mobiles

Les fonctionnalités de l'application mobile comprennent:

Capacité d'application mobile	Disponibilité
Dépôt de chèques mobiles	Oui
Paiements de pairs	Oui
Commandes de carte	Oui
Localisateur ATM	Oui

Sites Web bancaires en ligne

First Merchants propose des plateformes bancaires en ligne sécurisées pour les clients personnels et commerciaux avec des protocoles de chiffrement.

Centres d'appels de service client

First Merchants exploite les centres de support client avec les coordonnées suivantes:

• Support bancaire personnel: 1-800-205-3464
• Support bancaire d'entreprise: 1-800-260-5265
• Heures d'opération: du lundi au vendredi, de 8 h à 18 h HNE

First Merchants Corporation (FRME) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Les premiers marchands servent 4 600 clients commerciaux commerciaux sur ses marchés régionaux au T2 2023. Portfolio total de prêts commerciaux: 4,2 milliards de dollars.

Segment d'entreprise	Nombre de clients	Taille moyenne du prêt
Fabrication	872	1,3 million de dollars
Soins de santé	623	$980,000
Services professionnels	1,145	$750,000

Clients bancaires de détail individuels

Total des clients bancaires au détail: 385 000 au 31 décembre 2023.

• Comptes de chèques personnels: 212 000
• Comptes d'épargne: 173 000
• Solde moyen des dépôts du client: 47 500 $

Clients commerciaux

Le segment des banques d'entreprise représente 2,8 milliards de dollars d'actifs totaux. Métriques clés des clients d'entreprise:

Segment de l'entreprise	Compte de clientèle	Total des actifs sous gestion
Marché intermédiaire	890	1,6 milliard de dollars
Grande entreprise	156	1,2 milliard de dollars

Individus à haute nette

Le segment de la gestion de la patrimoine dessert 3 200 clients à haute teneur en nouant avec un actif total de 680 millions de dollars.

Niveau de richesse	Compte de clientèle	Valeur de portefeuille moyenne
Valeur nette ultra élevée	412	3,2 millions de dollars
Valeur nette élevée	2,788	$780,000

Focus sur la communauté locale et le marché régional

Opérant dans 5 États: Indiana, Illinois, Ohio, Michigan et Kentucky. Couverture totale du marché: 142 emplacements bancaires.

• Indiana: 89 emplacements
• Ohio: 23 emplacements
• Illinois: 16 emplacements
• Michigan: 8 emplacements
• Kentucky: 6 emplacements

First Merchants Corporation (FRME) - Modèle d'entreprise: Structure des coûts

Salaires et compensation des employés

À partir du rapport annuel de 2023, First Merchants Corporation a déclaré des dépenses totales de personnel de 262,5 millions de dollars.

Catégorie de compensation	Montant ($)
Salaires de base	178,3 millions de dollars
Bonus de performance	42,6 millions de dollars
Compensation en stock	41,6 millions de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour 2023 ont totalisé 47,8 millions de dollars.

• Investissements matériels informatiques: 18,2 millions de dollars
• Licence de logiciel: 12,5 millions de dollars
• Systèmes de cybersécurité: 9,3 millions de dollars
• Services de cloud computing: 7,8 millions de dollars

Dépenses opérationnelles du réseau de succursales

Les coûts d'exploitation du réseau de succursales totales étaient de 89,4 millions de dollars en 2023.

Catégorie de dépenses	Montant ($)
Loyer et installations	42,6 millions de dollars
Services publics	16,3 millions de dollars
Entretien	30,5 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité pour 2023 s'élevaient à 35,7 millions de dollars.

• Conseil juridique et réglementaire: 15,2 millions de dollars
• Formation en conformité: 6,5 millions de dollars
• Rapports et documentation: 14 millions de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing totales étaient de 22,9 millions de dollars en 2023.

Canal de marketing	Dépenser ($)
Marketing numérique	9,6 millions de dollars
Publicité traditionnelle	7,3 millions de dollars
Programmes d'acquisition de clients	6 millions de dollars

First Merchants Corporation (FRME) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts et des investissements

Pour l'exercice 2023, First Merchants Corporation a déclaré un revenu net d'intérêts de 440,1 millions de dollars. Le portefeuille de prêts a généré environ 526,8 millions de dollars d'intérêts et de frais totaux.

Catégorie de revenus	Montant (2023)
Revenu total des intérêts	526,8 millions de dollars
Revenu net d'intérêt	440,1 millions de dollars

Frais de service bancaire

Les frais de service sur les comptes de dépôt ont généré 46,3 millions de dollars de revenus au cours de 2023.

• Revenu des frais de service: 46,3 millions de dollars
• Frais de service liés à la carte: 18,7 millions de dollars

Services de conseil en gestion de patrimoine

Les services de gestion de patrimoine et de fiducie ont contribué 24,5 millions de dollars aux revenus de la société en 2023.

Frais de transaction

Les frais liés aux transactions s'élevaient à 22,1 millions de dollars pour l'exercice 2023.

Type de frais de transaction	Revenus (2023)
Frais de transaction ATM	8,6 millions de dollars
Frais bancaires électroniques	13,5 millions de dollars

Commissions de produits d'investissement

Les commissions de produits d'investissement ont atteint 17,6 millions de dollars en 2023.

• Commissions de fonds communs de placement: 9,2 millions de dollars
• Commissions du service de courtage: 8,4 millions de dollars

Total des sources de revenus pour 2023: 558,9 millions de dollars

First Merchants Corporation (FRME) - Canvas Business Model: Value Propositions

You're looking at the core value First Merchants Corporation delivers to its clients and the market as of late 2025. It's built on a foundation of deep regional presence and disciplined execution, which translates directly into tangible financial results for borrowers and investors alike.

A primary value driver is the focus on relationship-based commercial loan growth. This isn't just about volume; it's about earning business through dedicated service. For instance, in the third quarter of 2025, total loans grew by $288.8 million on a linked-quarter basis, which is an annualized increase of 8.7%. This growth was heavily weighted toward the Commercial & Industrial segment, showing that the relationship focus is working in key lending areas.

First Merchants Corporation offers comprehensive financial services for businesses and consumers across its footprint in Indiana, Ohio, and Michigan. The business model is diversified across distinct service lines, which you can see here:

• Commercial Banking
• Consumer Banking
• Mortgage Banking
• Private Wealth Advisors

This breadth allows the institution to be a full-service partner. As of the end of the third quarter of 2025, the total asset size stood at $18.8 billion.

The execution of this model results in strong profitability. You can see the discipline in the key performance indicators from the third quarter of 2025, which clearly supports the value proposition of reliable returns:

Metric	Value (Q3 2025)
Annualized Return on Assets (ROA)	1.22%
Adjusted Earnings Per Share (EPS)	$0.99
Efficiency Ratio (Adjusted)	54.56%
Total Loans	$13.6 billion

The ROA of 1.22% annualized in Q3 2025 places First Merchants Corporation in the top-quartile relative to its peers, which is a direct result of disciplined execution.

Underpinning the commercial success is a deep community commitment and local decision-making. Headquartered in Muncie, Indiana, the bank emphasizes its regional focus, recently announcing the acquisition of First Savings Financial Group to expand its presence into Southern Indiana and the Louisville MSA. The CEO has explicitly stated the commitment to supporting clients and communities, which is a core part of the value offered over larger, more centralized institutions.

Finally, the offering includes full-service Wealth Management and Trust offerings through First Merchants Private Wealth Advisors. This division provides expert-led solutions for intergenerational financial prosperity. To give you a sense of the scale managed by this division, as of Q1 2025, the bank managed $5.8 billion in assets under advisement. Furthermore, the firm's latest 13F filing in September 2025 disclosed 224 equity positions with a total market value of $3 billion.

Finance: draft a comparison table of Q1 2025 vs Q3 2025 ROA by next Tuesday.

First Merchants Corporation (FRME) - Canvas Business Model: Customer Relationships

First Merchants Corporation emphasizes a relationship-driven approach, blending personalized service with modern digital access across its footprint in Indiana, Ohio, and Michigan. The bank operates more than 111 banking center locations as of September 30, 2025, supporting its community-centric model.

Dedicated Commercial Relationship Managers

The focus on commercial lending, which drove portfolio expansion with Commercial & Industrial (C&I) loans growing $66M in Q4 2024 and loan growth accelerating in 2025, suggests a strong reliance on dedicated relationship managers for business clients. This personalized approach is key to securing the loan growth management targeted for mid-to-high single digits in 2025. The bank also announced the addition of a Director of Nonprofit Services in November 2025, further segmenting its relationship management expertise.

Community-based, in-person service model

First Merchants Corporation positions itself as a community bank, prioritizing local needs over a broad, one-size-fits-all national approach. This model is supported by a significant commitment to local investment; the bank has a five-year Community Benefits Plan, through 2025, committing to lend or invest $1.4 billion to communities of color and to low- and moderate-income (LMI) borrowers and communities. The bank offers localized services, including tailored financial products and support for local industry, which is the hallmark of this relationship style. Customer service support is available weekdays from 8 a.m. - 8 p.m. ET and Saturdays from 9 a.m. - 3 p.m. ET.

High-touch Private Banking for affluent clients

The Private Wealth Advisors division provides a high-touch service for affluent clients and institutions. While specific 2025 Assets Under Management (AUM) figures aren't explicitly stated for late 2025, as of late 2024, First Merchants Private Wealth Advisors managed over $4 billion in assets and advised on over $8 billion in assets. This segment is a key revenue driver, contributing 28% of the Noninterest Income stream in the second quarter of 2025. The firm has been investing in technology, like implementing the SS&C Trust Suite in late 2024, to ensure scalability for its high-touch client base.

Self-service digital and mobile banking platforms

First Merchants Corporation supports its in-person model with robust digital capabilities, offering a mobile app for on-the-go banking. The company has been upgrading its technology, including its online and account origination platforms, to simplify the client experience as part of its 2025 strategic focus. The strength of these digital channels helps maintain core relationship balances even as the bank manages its overall deposit mix.

Proactive management of deposit costs with clients

Managing deposit costs is a stated priority, which involves active management of client deposit relationships to optimize funding costs. The bank focuses on building core deposit relationships while actively managing higher-cost categories like public funds and maturity deposits. The total cost of deposits declined by 20 basis points to 2.23% in the first quarter of 2025. This proactive management contributed to margin stability expectations for 2025. Total deposits stood at $14.9 billion as of the third quarter of 2025.

Here's a look at the deposit composition as reported in Q2 2025, which reflects the success of managing these client funding relationships:

Deposit Metric	Value as of Q2 2025	Context/Change
Total Deposits	$14.8 billion	As of quarter-end Q2 2025.
Core Deposits Percentage	91%	Percentage of total deposits.
Noninterest-Bearing Accounts	15%	Percentage of total deposits.
Deposits Yielding 0-5 bps	Approximately 34%	Represents a stable, cost-effective funding source.
Total Cost of Deposits	2.23%	Reported in Q1 2025, down 20 basis points from prior.

Customer-related fees, a direct measure of transactional engagement, totaled $29.4 million in Q2 2025, marking an increase of $2.3 million over the prior quarter. This fee income stream, which also includes service charges at 27% of Noninterest Income, shows the value derived from the active client base.

The relationship strategy is clearly tied to financial outcomes; management expressed confidence in continuing to reduce deposit costs in 2025, noting December 2024 costs were at 2.33%.

• Customer-Related Fees (Q2 2025): $29.4 million
• Increase in Customer-Related Fees (QoQ): $2.3 million
• Total Assets (Q3 2025): $18.8 billion
• Loan to Deposit Ratio (Q3 2025): 91.6%

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

First Merchants Corporation (FRME) - Canvas Business Model: Channels

You're looking at how First Merchants Corporation gets its products and services-from basic checking to complex commercial loans-into the hands of its customers as of late 2025. The channel strategy balances a strong physical presence with necessary digital tools, especially as the company integrates its recent acquisition.

Physical branch network (expanding into Louisville MSA)

First Merchants Corporation maintains a significant physical footprint across Indiana, Michigan, and Ohio. As of the third quarter of 2025, the Corporation operated more than 111 banking center locations across these core states. This network is set for an immediate expansion due to the announced acquisition of First Savings Financial Group, Inc., which is expected to close in the first quarter of 2026.

This transaction is key for channel growth, specifically entering the Louisville, Kentucky, market. First Savings adds 16 bank branches in southern Indiana, with 12 of those branches situated within the greater Louisville Metropolitan Statistical Area (MSA). Once the integration is complete, the combined First Merchants banner will operate 127 branches across Indiana, Michigan, and Ohio. This move positions First Merchants to compete in the Louisville MSA, which represents a $45 billion deposit market where First Savings currently holds a 3% share.

Here is a look at the physical footprint, current and projected:

Channel Component	As of Q3 2025 (FRME Only)	Projected Post-Acquisition (Q1 2026 Close)
Total Banking Centers	More than 111	127
States Served	Indiana, Michigan, Ohio	Indiana, Michigan, Ohio
Louisville MSA Branch Count	Minimal/None	12 (from First Savings)

Digital and mobile banking applications

The bank actively uses technology to serve customers, having completed upgrades to its online banking platforms, mobile apps, and real-time wire systems. This digital focus helps streamline operations and enhance customer experience. The wealth management division also utilizes digital channels, managing $5.8 billion in assets under advisement as of the first quarter of 2025. While specific late-2025 mobile adoption rates aren't public, the historical trend showed a nearly 20% increase in digital banking activity since the start of the pandemic.

• Upgraded online banking platforms.
• Mobile apps for on-the-go account management.
• Virtual connection options for business bankers.

Commercial Loan Production Offices

First Merchants Corporation supports its commercial lending efforts through dedicated centers and offices, which are distinct from full-service banking centers. These locations focus on relationship-based business banking and lending solutions. For instance, the bank operates a South Bend Commercial Lending Center and a Commercial Lending Center in Wyandotte, MI. Historically, First Merchants had a plan to open five new branches or loan production offices as part of a $1.4 billion community investment initiative. The First Savings acquisition also bolsters SBA lending capacity, which was a significant area for them, having closed $111 million in 7(a) loans in their 2025 fiscal year so far, compared to First Merchants' just under $8 million.

Customer Service Center (call center)

For customers needing direct support outside of a branch visit, First Merchants provides a centralized service channel. You can reach the general support line at 1.866.833.0050. The Wealth Management team, which handles specialized advisory services, is staffed weekdays from 8 a.m. until 6:00 p.m. EST. The bank emphasizes that its bankers are ready to listen attentively and work with clients to find solutions.

ATM network access

The physical network is supplemented by an ATM network that the bank has committed to enhancing across its footprint. Customers can only make ATM deposits at First Merchants Bank ATM machine locations. While the exact number of ATMs as of late 2025 isn't explicitly stated, the bank provides a locator tool for customers to find these access points alongside their banking centers.

First Merchants Corporation (FRME) - Canvas Business Model: Customer Segments

You're looking at the core client base for First Merchants Corporation (FRME) as of late 2025. This isn't just a list; these are the groups driving the balance sheet, especially the loan growth you see in their filings. First Merchants Corporation, the largest financial holding company based in Central Indiana, focuses its operations across Indiana, Michigan, and Ohio. As of September 30, 2025, the total asset size stood at $18.8 billion.

The customer segments are served through First Merchants Bank and First Merchants Private Wealth Advisors, operating across more than 111 banking center locations in their core Midwest markets.

Commercial & Industrial (C&I) businesses (primary loan growth driver)

This is where the action is for loan expansion. The overall loan portfolio remains heavily weighted toward commercial business, making up approximately 75% of total loans as of mid-2025. The C&I segment is consistently cited as the primary driver of this growth. For instance, in the second quarter of 2025, commercial loan growth was strong at an annualized rate of 10.7%. Specifically, C&I loans increased by $147 million in Q2 2025, following a $248 million increase in Q1 2025, often tied to funding capital expenditure (CapEx) and M&A pipelines.

Retail consumers in Indiana, Ohio, and Michigan

Retail consumers form the base for consumer banking and mortgage activities. While commercial lending drives the portfolio composition, consumer loans still saw positive momentum, growing by $36 million or 4.4% in the second quarter of 2025. The consumer deposit base is also critical, though commercial deposits saw larger fluctuations. The bank is focused on providing attentive financial solutions to these diverse communities.

Small to mid-sized businesses (SMBs)

SMBs are largely captured within the broader Commercial Banking segment, which includes C&I and other business lending. The growth in C&I loans reflects activity from these businesses seeking financing for expansion. The bank explicitly mentions local bankers who know your small business as part of its offering.

High-net-worth individuals (Wealth Management clients)

This group is served by First Merchants Private Wealth Advisors. They seek more than just one-off transactions, focusing on estate planning and comprehensive financial management. As of the first quarter of 2025, the wealth management division managed $5.8 billion in assets under advisement. Wealth management is also a significant contributor to fee income, alongside service charges.

Real estate developers and investors

This group falls under the commercial lending umbrella, specifically the Investment Real Estate (IRE) portfolio. While C&I is the primary growth engine, the IRE portfolio saw a decline of $96 million in Q1 2025, which was offset by C&I growth. The bank maintains a disciplined underwriting approach in this area amid market dynamics.

Here's a quick look at how the major segments stack up based on recent financial reporting:

Customer Segment Focus	Key Metric	Latest Reported Value (2025)	Reporting Period
Overall Footprint	Total Banking Centers	More than 111	As of Q3 2025
Commercial Banking (C&I/SMB/RE)	Loan Portfolio Percentage	Approximately 75%	Q2 2025
Commercial & Industrial (C&I)	Loan Growth (Annualized)	10.7%	Q2 2025
Retail Consumers	Consumer Loan Growth (Annualized)	4.4%	Q2 2025
Wealth Management (HNW)	Assets Under Advisement	$5.8 billion	Q1 2025

The focus on the Midwest markets-Indiana, Ohio, and Michigan-is clear, as the bank continues to expand its presence there, including a pending strategic acquisition announced in Q3 2025 that adds exposure to Southern Indiana and the Louisville MSA.

• Geographic Core: Indiana, Ohio, and Michigan.
• Total Assets: $18.8 billion.
• Total Loans: $13.3 billion.
• Commercial Loan Growth Driver: C&I pipeline funding.
• Wealth Management Focus: Estate planning and legacy securing.

First Merchants Corporation (FRME) - Canvas Business Model: Cost Structure

You're looking at the expenses First Merchants Corporation incurs to run its business as of late 2025, which is heavily influenced by the competitive deposit environment and recent strategic moves like the First Savings acquisition.

Interest expense on deposits (rising due to competitive dynamics)

The cost of funding is a major component, and you see the pressure from competitive dynamics in the deposit rates. For the first quarter of 2025, the Interest Expense on Interest-bearing Deposits was reported at $\text{\$89,835 thousand}$. By the third quarter of 2025, the total cost of deposits had climbed, increasing $\text{14 basis points}$ to reach $\text{2.44%}$. This trend shows that attracting and retaining deposits costs more now.

Personnel expenses (salaries and incentives)

Salaries and benefits are a significant, recurring cost. For the third quarter of 2025, First Merchants Corporation reported $\text{\$57,317 thousand}$ for Salaries and employee benefits. Looking at the year-to-date through Q3 2025, this expense category totaled $\text{\$166,826 thousand}$.

Data processing and technology infrastructure costs

Technology is a necessary investment, but it shows up as a recurring operating cost. Outside data processing fees for the third quarter of 2025 were $\text{\$6,943 thousand}$. This followed a quarter where noninterest expense rose due to higher data processing costs. Management has been focused on upgrades to platforms like account origination and online systems, which are part of this cost base.

Occupancy and equipment costs for 100+ banking centers

Maintaining the physical footprint-over $\text{100 banking centers}$-involves fixed costs for space and hardware. Following the announced acquisition, the combined entity is projected to operate $\text{127 branches}$ across Indiana, Michigan, and Ohio. Here's a breakdown of the recent quarterly costs for the existing structure:

Cost Component	Q3 2025 (in thousands)	Q2 2025 (in thousands)
Net Occupancy	$7,057	$6,994
Equipment	$6,998	$6,949

It's clear these occupancy and equipment costs are relatively stable quarter-over-quarter.

Acquisition and integration expenses (e.g., First Savings)

Strategic growth through acquisition brings one-time and short-term integration costs. First Merchants Corporation announced the all-stock acquisition of First Savings Financial Group, valued at approximately $\text{\$241.3 million}$. For the third quarter of 2025, noninterest expense specifically included $\text{\$0.9 million}$ related to severance and acquisition costs. The integration is targeted for completion during the second quarter of 2026.

You need to track those integration costs closely as they hit the expense line item.

• Salaries and employee benefits (Q3 2025): $\text{\$57,317 thousand}$
• Net Occupancy (Q3 2025): $\text{\$7,057 thousand}$
• Equipment (Q3 2025): $\text{\$6,998 thousand}$
• Outside data processing fees (Q3 2025): $\text{\$6,943 thousand}$
• Acquisition-related severance and costs (Q3 2025): $\text{\$0.9 million}$

Finance: draft 13-week cash view by Friday.

First Merchants Corporation (FRME) - Canvas Business Model: Revenue Streams

You're looking at how First Merchants Corporation actually brings in the money, which for a bank like FRME, boils down to two main buckets: the interest they earn and the fees they charge. As of late 2025, specifically looking at the third quarter results, the core engine is definitely the lending side.

Net Interest Income (NII) is the big one, representing the difference between the interest First Merchants Corporation earns on its assets, like loans, and the interest it pays out on liabilities, like deposits. For Q3 2025, this key metric came in at $133.7 million. This shows the primary value capture mechanism for the business. The Net Interest Margin (NIM) for the quarter was reported at 3.24% (fully tax equivalent), which management noted was essentially stable compared to the prior quarter.

The foundation of that NII is the loan book. As of the end of Q3 2025, the total loan portfolio for First Merchants Corporation stood at $13.6 billion. This portfolio saw significant expansion, growing by $288.8 million, or 8.7% annualized, on a linked quarter basis. Growth was primarily noted in the Commercial & Industrial segment. This entire portfolio generates the interest income component of the NII.

Here's a quick look at the scale of the asset base driving that interest revenue:

Metric	Value (Q3 2025 End)
Total Loans	$13.6 billion
Loan Growth (Linked Quarter Annualized)	8.7%
Loan Growth (Last Twelve Months)	7.3%

The second major revenue stream is Noninterest Income, which hit $32.5 million in Q3 2025. This figure was up 30.6% from the third quarter of 2024, though linked-quarter growth was more modest at 3.8%. This income is derived from various fee-based services that don't involve direct lending interest.

The components making up this Noninterest Income are crucial for diversification. You want to see these fee lines holding steady or growing, as they are less sensitive to interest rate swings than NII. The key fee-based drivers for First Merchants Corporation include:

• Treasury Management fees
• Card Payment fees
• Wealth Management and Trust service fees

Honestly, customer-related fees were reported as stable on a linked quarter basis in Q3 2025, which is a good sign of consistent service revenue. The year-over-year increase in total Noninterest Income was partially due to realized losses on securities sales in the prior year period, so you have to look past that one-time event to see the true fee-based performance. The total revenue picture for the quarter, combining NII and Noninterest Income, supported pre-tax, pre-provision earnings of $70.5 million.

Finance: draft Q4 2025 fee income projection by next Tuesday.