First Merchants Corporation Announces the Completion of its Merger with C Financial Corporation

First Merchants Corporation Announces the Completion of its Merger with C Financial Corporation

  • Posted: 04/20/2015
  • Castle Creek

MUNCIE, Ind.–(BUSINESS WIRE)–First Merchants Corporation (NASDAQ: FRME) successfully completed its previously announced merger with C Financial Corporation, of Columbus, Ohio on Friday, April 17, 2015. In connection with the merger, Cooper State Bank has also merged with and into First Merchants Bank. The combined First Merchants Bank has 112 banking centers in Illinois, Indiana and Ohio and approximately $6.0 billion in assets, $4.0 billion in loans, $4.7 billion in deposits, and total shareholders’ equity of $740 million. The full integration of Cooper State Bank under the First Merchants brand is expected to be completed during the 4th quarter of 2015. As part of the $14.5 million merger, shareholders of C Financial Corporation will receive $6.738 in cash for each share of C Financial Corporation common stock held.

Michael C. Rechin, First Merchants Corporation’s President and Chief Executive Officer, added, “First Merchants is excited to extend our presence in Columbus with the addition of Cooper State Bank as the newest member of the First Merchants family. The addition of Cooper State Bank supports our growth initiative, making the company more visible and impactful in Columbus, one of the fastest growing cities in America. From Cooper State Bank’s beginning in 2005, Dan Apple and his management team have played a pivotal role in providing real estate financing and bringing innovative retail banking ideas to Columbus consumers while maintaining excellent credit quality.”

Under the leadership of Jennifer M. Griffith, First Merchants currently operates Commerce National Bank (“Commerce”) in the Columbus, Ohio, marketplace. Commerce began doing business in 1991 and currently has approximately $500 million in loans extended to central Ohio business clients. Commerce merged with First Merchants in 2003.

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