Monroe Bank & Trust has made a significant move in the banking industry by joining forces with First Merchants Bank. This partnership will provide customers with access to a wider range of financial services and products.
The combined entity will have over $30 billion in assets, making it one of the largest banks in the region. This increased scale will enable the bank to offer more competitive rates and terms to its customers.
Monroe Bank & Trust has a long history of serving the community, dating back to 1936. With this partnership, the bank will be able to continue its tradition of providing exceptional customer service and community support.
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Merger with First Merchants Bank
Monroe Bank & Trust merged with First Merchants Bank in 2019, marking a significant milestone for the institution.
The merger was a 100% stock transaction valued at approximately $290.9 million, allowing First Merchants to expand its presence in Michigan.
H. Douglas Chaffin, president and CEO of MBT, will remain on as Regional President, ensuring continuity for customers and employees.
MBT employees were informed of the plans early in 2019, and the merger was expected to be complete in early 2019.
First Merchants Bank, founded in 1893, is a $9.7 billion business with branches in Indiana, Illinois, and Ohio, while MBT is a $1.3 billion institution.
The combined company will have assets of approximately $11 billion and will be the second largest financial holding company headquartered in Indiana.
Some personnel positions outside of client relations may be consolidated over time, but customer-facing employees will remain the same.
The merger provides opportunities for growth and expansion, with First Merchants bringing a range of products and services to the table.
Monroe Bank & Trust will continue to operate under its own name, with 20 banking locations in southeast Michigan remaining part of the First Merchants franchise.
First Merchants will have assets of approximately $12 billion after the merger, and the combined company will complete its integration during the fourth quarter of 2019.
The merger is expected to be mutually beneficial to First Merchants and MBT shareholders, with earnings per share accretion of approximately 2.7 percent in 2020.
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