First Merchants to buy Indianapolis trust company
First Merchants in Muncie, Ind., has agreed to buy Hoosier Trust in Indianapolis.
The $13.7 billion-asset First Merchants said in a regulatory filing Monday that it will pay $3.2 million in cash for a company with $300 million in assets under management. The deal is expected to close in the first quarter.
“This strategic acquisition will further strengthen First Merchants’ private wealth practice and continue our efforts to serve as a financial resource for all potential clients in the communities we serve,” Michael Rechin, First Merchants’ president and CEO, said in the release.
First Merchants operates as First Merchants Private Wealth Advisors, which consists of more than 100 professionals and manages more than $4 billion in assets.
“This is a natural fit for our company and provides our clients with significantly more opportunities to invest and succeed financially,” Connie Allman, Hoosier Trust’s president and CEO, said in the release.
Dentons Bingham Greenbaum advised First Merchants. Renninger and Associates and SmithAmundsen advised Hoosier Trust.