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First Merchants Bank board adopts final resolutions approving conversion of banking charter

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First Merchants Bank board adopts final resolutions approving conversion of banking charter

Muncie, Ind.-based First Merchants Corp. disclosed in a recently filed Form8-K that on April 1, the board of unit FirstMerchants Bank NA adopted final resolutions approving theconversion of the bank's banking charter from a national association to anIndiana state-chartered bank.

The initial application to convert was filed with theIndiana Department of Financial Institutions on Feb. 9.

Final regulatory action on the application is expectedat the next meeting of the members of the Indiana Department of FinancialInstitutions scheduled for April 14. If final regulatory approval is granted atthat meeting, First Merchants Bank intends to file official conversiondocuments effective on or about April 15.

As a result of the conversion, the Indiana Departmentof Financial Institutions would become the bank's primary regulator and theFDIC would become the bank's primary federal regulator. Currently, the OCC isthe bank's primary regulator and primary federal regulator.

Upon conversion, the bank's official name will changefrom First Merchants Bank NA to First Merchants Bank. The bank plans tocontinue operating under the following trade names in certain geographicmarkets: Lafayette Bank and Trust and First Merchants Trust Co., each as adivision of First Merchants Bank.