First Merchants Bank to acquire Southern Indiana bank for $241 million

LOUISVILLE, Ky. – First Merchants Bank, based in Muncie, Indiana, announced it will acquire Jeffersonville-based First Savings Financial Group in an all-stock transaction valued at $241 million.

The merger, expected to close in the first quarter of 2026, will bring First Savings Bank under the First Merchants brand. The combined banking company will have approximately $21 billion in assets and 127 branches across Indiana, Michigan, and Ohio.

First Savings currently operates 15 banking centers and additional ATM sites across southern Indiana, employing around 200 local staff.

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