trending Market Intelligence /marketintelligence/en/news-insights/trending/nagoHwzHT2pfys4aU1_wnw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

First Merchants CEO: Charter conversion due to economics

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


First Merchants CEO: Charter conversion due to economics

Muncie, Ind.-based FirstMerchants Bank's conversion from a national institution to an Indianastate-chartered bank was due to economics and the proximity to examiners, Presidentand CEO Michael Rechin said on an April 26 earnings call.

The Indiana Department of Financial Institutions became the bank'sprimary regulator and the FDIC is the bank's primary federal regulator as a resultof the conversion, whichwas effective April 15. The OCC was the bank's previous regulator.

"The difference between the two primary regulators onlywidens as the balance sheet enlarges," he said.

Rechin said the Indiana regulators are "extremely familiarwith this market" and converting was the right thing to do given that is wheremost of the bank's growth is.

First MerchantsCorp. reported net income available to common shareholders of $17.7million, or 43 cents per share, for the first quarter of 2016, compared to $16.2million, or 43 cents per share, during the first quarter of 2015.