First Merchants acquires Ohio bank

MUNCIE, Ind. – First Merchants Corp. has announced The Arlington Bank – based in Upper Arlington, Ohio – will merge with an into First Merchants bank.

Founded in 1998, The Arlington Bank has three banking center locations in the Columbus, Ohio, area. It has total assets of $305 million and total depoties of $260 million.

The merger agreement provides that Arlington Bank shareholders will receive 2.7245 shares of First Merchants Common Stock for each share they hold of The Arlington Bank Common Stock.

Michael C. Rechin, president and chief executive officer of First Merchants, said in press release the addition of The Arlington Bank “supports our growth initiative, making the company more visible and impactful in Columbus, one of the fastest growing cities in the Midwest.”

First Merchants will now have 10 full-service banking centers in the Columbus marketpalce.