First Merchants in Muncie, Ind., has agreed to acquire C Financial in Columbus, Ohio.

The $5.6 billion-asset First Merchants will pay $14.5 million in cash for the $136 million-asset C Financial. The acquisition, expected to close in the second quarter, will allow First Merchants to expand its operations around Columbus, where C Financial has six branches. First Merchants has a branch in the area already.

The acquisition "supports our growth initiative, making the company more visible and impactful in Columbus, one of the fastest-growing cities in America," Michael Rechin, First Merchants' president and chief executive, said in a press release Monday.

First Merchants was advised by Bingham Greenebaum & Doll. C Financial was advised by Kaplan, Strangis & Kaplan.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.