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Local bank expands
Michael Stewart is the executive vice president of First Merchants Bank.
The Muncie-based First Merchants merged with Lincoln Bank Dec. 31. Lincoln is based in Plainfield, with five locations in the Greenwood area.
Michael Stewart, executive vice president of First Merchants, said the merger was an attempt to grow the franchise rapidly without straying from its Indiana roots. He said the Lincoln board also valued the local connection when it chose between multiple merger proposals.
“One of the criteria was to be acquired by an Indianapolis bank,” he said. “I don’t think our offer was the highest, but the idea of serving Indiana customers from an Indiana headquarters was important.”
Stewart said First Merchants customers will not be impacted by the merger. And Lincoln customers, aside from the name change, should notice little difference as well.
First Merchants has formed a conversion group to handle the transformation.
“You might see statement changes, changes online,” he said. “But aside from that, (the group) is there to ensure there is minimal impact on the customer.”
One positive change for Lincoln customers, Stewart said, will be the addition of trust and insurance services. Lincoln had previously been unable to offer these services.
Stewart said First Merchants has been able to grow while many of its competitors suffer because it has steered clear of the subprime mortgage mess and because it has remained customer-focused. He said the bank has felt the effects of the poor economy, but he is confident it will continue to prosper.
“We just need to stay focused on the client,” he said. “If we stay focused on working with people in our backyard, we will be fine in the long run.”
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