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Indiana-based First Merchants' board approves stock buyback program

First Merchants Corp.'s board approved a buyback program under which the Muncie, Ind.-based company may repurchase up to 3 million shares of its outstanding common stock, provided that the aggregate investment in shares repurchased may not exceed $75 million.

On a share basis, the amount of common stock subject to the buyback program represents about 5% of the company's outstanding shares. Shares may be repurchased in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan.