Merchants National Corporation

Merchants National Corporation (MNC) was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institutions at the time it was acquired by Ohio-based National City Corporation in 1992. Its primary subsidiary was the Indianapolis-based Merchants National Bank and Trust Company, which was founded in 1865.

Merchants National Corporation
Merchants National Bank & Trust Company
TypePublic
NASDAQ: MCHN
IndustryBanking
FateAcquired by National City Corporation
SuccessorNational City Bank Indiana
FoundedMarch 1865 (1865-03) as Merchants National Bank & Trust Company in Indianapolis
January 3, 1972 (1972-01-03) as Merchants National Corporation
DefunctMay 2, 1992 (1992-05-02)
HeadquartersIndianapolis, Indiana, United States
Area served
Indiana
ProductsFinancial Services
Total assets$5.7 billion[1] (1992)
Subsidiaries
  • Merchants National Bank & Trust Company

From the mid-1950s through the late 1980s, Merchants National Bank and Trust, along with American Fletcher National Bank and Indiana National Bank, was one of the three largest banks in Indianapolis and its holding company, Merchants National Corporation, was one of the three largest bank holding companies in the state, along with American Fletcher Corporation and Indiana National Corporation (later named INB Financial Corporation).[2]

History

To allow it to acquire other banks and other financial related businesses, Merchants National Bank & Trust Company formed a holding company named Merchants National Corporation in January 1972.[3][4][5]

Expansion outside of Marion County

Until July 1, 1985, the state of Indiana did not permit bank branching across county lines nor bank ownership outside the bank holding company's home county. After that date, Indiana allowed very limited branching but allowed the purchased of banks by holding companies anywhere in the state as long as total deposits that were controlled by any holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.[6][7]

MNC made its first expansion move outside of Marion County by announcing in June 1985, one month before the new cross-county bank laws went into effect, the pending acquisition of the Shelbyville-based Farmers National Corporation with its Farmers National Bank subsidiary for an undisclosed amount.[8] The acquisition was completed in January 1986.[9]

In July 1985, MNC announced the pending acquisition of the Greencastle-based Putnam National Corporation with its Central National Bank of Greencastle subsidiary for $7.3 million in stock and cash.[10] The acquisition was completed in February 1986.[11]

In September 1985, MNC announced the pending acquisition of the Greenfield-based Hancock Bancshares with its Hancock Bank & Trust Company subsidiary for $9.5 million in stock for the remaining 83% it did not owned[12] after having purchased 17% of the firm in July.[13] The acquisition was completed in April 1986.[14]

In November 1985, MNC announced the pending acquisition of the Carmel-based US Bancorp with its Union State Bank subsidiary that was already controlled by the Frenzel family.[15] The acquisition was completed in November 1986.[16]

In December 1985, MNC announced the pending acquisition of the Anderson-based Anderson Banking Company for an undisclosed amount.[17] The acquisition was completed in December 1986.[18]

In January 1986, MNC announced the pending acquisition of the three month old Danville-based Alliance Bancorp with its Mid State Bank of Hendricks County subsidiary for an undisclosed amount.[19] Alliance was the product of the recent merger between Danville State Bank and the First National Bank of Coatesville which had created the Mid State Bank of Hendricks County. The acquisition was completed in November 1986.[16]

In February 1986, MNC announced the pending acquisition of the Greenwood-based NBG Financial Corporation with its Farmers National Bank subsidiary for $13.2 million in stock.[20][21] The acquisition was completed in December 1986.[22]

In March 1986, MNC announced the pending acquisition of the Seymour-based Mid-Southern Indiana Bancorp with its Seymour National Bank subsidiary for an undisclosed amount.[23] The acquisition was completed in December 1986. This was Merchants first move outside the immediate area surrounding Marion County.[22]

In April 1986, MNC announced two unrelated pending acquisitions of the Tipton-based Citizens National Bank of Tipton[24] and the Zionsville-based and Frenzel family-controlled Farmers State Corporation with its Mid State Bank subsidiary,[25] both for undisclosed amounts. The acquisition in Zionsville was completed in November 1986[16] while the acquisition in Tipton was completed in December 1986.[26]

In August 1986, MNC announced the pending acquisition of the Connersville-based Fayette Bancorp with its Fayette Bank and Trust Company subsidiary for an undisclosed amount.[27][28] The acquisition was completed in May 1987.[29]

In December 1986, MNC announced the pending acquisition of the Madison-based Ohio Valley Bancorp with its Madison Bank & Trust Company subsidiary for an undisclosed amount.[30] The acquisition was completed in September 1987.[31] After National City acquired Merchants National, National City did not merge Madison Bank & Trust into National City, but decided the divest the bank 14 years later after determining that this bank did not fit in with the rest of the company. National City eventually sold Madison Bank & Trust to MainSource Financial Group in 2005 for an undisclosed amount.[32][33][34]

In March 1987, MNC announced the pending acquisition of the Crawfordsville-based Elston Corporation with its Elston Bank & Trust Company subsidiary for $24 million.[35][36][37] The acquisition was completed in February 1988.[38]

In April 1988, MNC announced the pending acquisition of the Batesville-based Batesville State Bank for an undisclosed amount.[39]

In July 1988, MNC announced the pending acquisition of the East Chicago-based Riley Corporation with its First National Bank of East Chicago subsidiary for an undisclosed amount.[40][41] The acquisition was completed in November 1988.[42]

In April 1989, MNC announced the pending acquisition of the Logansport-based First National Bankshares with its First National Bank of Logansport and the First National Bank of Indiana subsidiaries for $22.9 million.[43] The acquisition was completed in October 1989.[44]

National City Bank Indiana

In October 1991, National City Corp. announced that it was acquiring Merchants National Corporation with its lead bank Merchants National Bank and Trust Company of Indianapolis for $604 million in stock.[1][45] The acquisition was completed in May 1992.[46][47] Approximately 600 positions, mainly in Indianapolis, were eliminated as a direct result of the consolidation of mostly headquarters functions.

References
  1. Quint, Michael (October 31, 1991). "2 Midwest Banks Announce Plan to Merge". New York Times.
  2. "Hamilton County banking suddenly is "Big 3" game". The Indianapolis Star. September 12, 1985. p. 43 – via Newspapers.com. It's getting harder to tell the difference between banks in Hamilton County and Indianapolis. Two county banks have agreed to be acquired by members of the Indianapolis "Big Three."
  3. "Merchants Bank Plans Holding Firm". Indianapolis News. August 18, 1971. p. 73 – via Newspapers.com. A formation plan of a one bank holding company was approved by the Merchants National Bank & Trust Co's directors yesterday. The name of the holding company is Merchants National Corp. R. E. Sweeney, chairman of the board, said when the program has been completed, the holding company will own all of the shares of Merchants National Bank except for directors' qualifying shares, and the present shareholders of the bank will own the shares of the holding company.
  4. "Bank Holding Firm Effective". Indianapolis News. January 4, 1972. p. 19 – via Newspapers.com. Merchants National Bank & Trust Co. yesterday became a wholly owned subsidiary of the Merchants National Corp. in a corporate reorganization.
  5. "Merchants National Holding Firm". Wall Street Journal. January 7, 1972. p. 24. Merchants National Bank & Trust Co. said it had completed formation of a one-bank holding company, Merchants National Corp. Shareholders approved the reorganization at a special meeting in October. Alternate Link via ProQuest.
  6. Koenig, Bill (April 21, 1985). "New cross-county banking law to bring flurry of deals". Indianapolis Star. p. 34 – via Newspapers.com. The pressure has been building for cross county banking for 17 years. On July 1, a new bank law takes effect, and the lid comes off. And with it comes the job of figuring where everything could land. Already there have been surprises. Small banks generally opposed statewide banking, fearing banks from Indianapolis would gobble them up. But the first acquisition announced after cross-county banking was signed into law last week had a twist - Columbus, Ind., bank concern, Irwin Union Corp., on Friday bought one in Indianapolis, Midwest National Corp. The new law prohibits a holding company from controlling more than 10 percent of the state's deposits on July 1. That figure rises to 11 percent on July 1. 1986, and 12 percent on July 1, 1987. The new law also will enable banks to establish branches in neighboring counties. But that section restricts banks of more than $400 million in assets to setting up two branches in the next five years. Smaller banks have an easier time. Those under $200 million can establish one branch each fiscal year through June 30. 1990. The net effect officials say. is that buying other banks will be the primary method to expand. Despite provisions for limited interstate banking, there are doubts whether Indiana banks will buy banks across state lines and vice versa. Under the new bank law, banks in neighboring states can acquire Hoosier holding companies so long as Indiana banks are able to take over banks in those states. That's known as reciprocity. Currently, only Kentucky has such a law.
  7. Barnhizer Rivas, Susan & Lewis, David P. (1986). "Senate Enrolled Act No. 1: A New Era of Banking Expansion in Indiana". Indiana Law Review. 19 (1): 115–137 – via IUPUI.
  8. Wildey, Morris D. (June 4, 1985). "Shelbyville's Farmers National Bank plans to join Merchants in merger". Indianapolis Star. p. 1 – via Newspapers.com. Merchants National Corp. and Farmers National Corp. of Shelbyville announced plans to merge Monday. The deal would leave Shelbyville. without a locally owned bank. But officials of both banks said the merger would be advantageous to the Shelby County community. Farmers National Bank is the wholly owned subsidiary of Farmers National Corp.
  9. "Briefly noted". Indianapolis News. January 25, 1986. p. 19 – via Newspapers.com. Merchants National Corp. has completed its merger with Farmers National Corp., the Shelbyville holding company of Farmers National Bank.
  10. "State banks announce merger plan". Indianapolis Star. July 30, 1985. p. 21 – via Newspapers.com. Merchants National Corp. and Central National Bank of Greencastle announced on Monday plans to merge. Their agreement calls for an exchange of stock and cash totaling $9.5 million... This is the second merger agreement by Merchants National Corp.; the first was with Farmers National Corp. of Shelbyville on June 3. Merchants has plans to merge with other central Indiana banks and filed an application with the Federal Reserve Bank last week to acquire 17.5 percent of Hancock Bancshares, the parent company of Hancock Bank and Trust.
  11. "Briefly noted". Indianapolis News. February 5, 1986. p. 23 – via Newspapers.com. Merchants National Corp. has completed its acquisition of the Central National Bank of Greencastle.
  12. "Merchants announces Hancock bank purchase". Indianapolis Star. September 13, 1985. p. 39 – via Newspapers.com. Merchants National Corp. said Thursday it reached an agreement to buy Hancock Bancshares of Greenfield. In July, Merchants purchased a 17 percent stake in Hancock. owner of Hancock Bank & Trust Co. Under the Thursday agreement. Merchants will pay me equivalent of $97 per share in cash and stock for the rest of Hancock. The transaction for the remaining 83 percent of the Greenfield bank company is valued at $7.3 million. Merchants previously did not disclose how much the July stock purchases cost and no such estimate was available Thursday. Hancock Bank & Trust is me second largest Hancock County bank, with assets of about $70 coupon convertible debentures... The announcement marked the third Merchants acquisition since the Indiana General Assembly legalized cross-county banking this year. Farmers National Corp. of Shelbyville and Central National Bank of Greencastle have agreed to become parts of the Indianapolis holding company.
  13. Koenk, Bill (July 19, 1985). "Merchants' Hancock move no surprise". Indianapolis Star. p. 41 – via Newspapers.com. A top official of Greenfield Banking Co. said American Fletcher plans to buy Franklin bank Thursday that few were surprised that Merchants National Corp. was buying a stake in a competing Greenfield bank.
  14. "American Fletcher to buy bank". Indianapolis Star. April 19, 1986. p. 29 – via Newspapers.com. In other banking news Friday, Merchants National Corp. completed its acquisition of Hancock Bank and Trust of Greenfield. Merchants plans no changes in the name, board of directors, management or employees of Hancock.
  15. Koenig, Bill (November 27, 1985). "Merchants, Carmel banks will merge". Indianapolis Star. p. 21 – via Newspapers.com. Two Frenzel-family controlled financial institutions agreed Tuesday to consolidate when Merchants National Corp. said it would acquire Union State Bank in Carmel. The development means that all three Carmel banks will be subsidiaries of the "Big Three" Indianapolis holding companies. Tuesday's announcement was not unexpected because of the Frenzel ownership of Merchants and Union State. Otto N. Frenzel III, Merchants chairman and chief executive, has been chairman of Union State Carmel's largest bank with $145 million in assets since 1965.
  16. "Mergers Complete". Indianapolis Star. November 29, 1986. p. 19 – via Newspapers.com. Merchants National Corp. has completed its mergers with US Bancorp of Carmel, Farmers State Corp. of Zionsvllle and Alliance Bancorp of Danville. US Bancorp is the holding company for Union State Bank of Carmel. Farmers State Corp is the holding company for Mid State Bank. And Alliance Bancorp. is the holding company for Mid State Bank of Hendricks County. Merchants National Corp. has announced 11 mergers, six of which have been completed when all mergers are completed, Merchants says its assets will total approximately $4 billion.
  17. "Merchants National Agrees To Acquire Bank in Indiana". Wall Street Journal (Eastern ed.). December 9, 1985. p. 1. Merchants National Corp. said it agreed to acquire Anderson Banking Co., Anderson, Ind., in a stock swap. Terms weren't disclosed. Alternate Link via ProQuest.
  18. "Merchants National Acquisition". Wall Street Journal (Eastern ed.). December 22, 1986. p. 1. Merchants National Corp. said it completed its acquisition of Anderson Banking Co., Anderson, Ind. Alternate Link via ProQuest.
  19. "Merchants to acquire Mid State in Hendricks". Indianapolis News. January 10, 1986. p. 12 – via Newspapers.com. Merchants National Corp. announced today it will acquire Mid State Bank of Hendricks County. Mid State is only three months old, being the product of an October merger between Danville State Bank and the First National Bank of Coatesville. Mid State is now the principal holding of Alliance Bancorp. The Merchants-Mid State merger should not cause many changes at the smaller bank, according to bank officials. Alliance Bancorp is controlled by the Frenzel and Griffith families, both of which are significant shareholders of Merchants. The chairman of Merchants is Otto N. Frenzel III... Mid State has seven offices in Hendricks County Avon Clayton, Coatsville, Danville and Plainfield. It has assets of $90 million and deposits in excess of $80 million. This is the Merchants' sixth acquisition since the state's banking laws were liberalized. In the six months before the announcement, Merchants has also taken steps to absorb Farmers National Corp., Shelbyville; Central National Bank, Greencastle; Hancock Bank & Trust, Greenfield; Union State Bank Carmel; and the Anderson Banking Company. The acquisitions listed above will add $757 million to Merchants, the state's third-largest.
  20. "Merchants National Corp. Agrees to Buy Bank Firm". Wall Street Journal (Eastern ed.). February 18, 1986. p. 1. Merchants National Corp. said it agreed to acquire NBG Financial Corp., a smaller Indiana bank holding company, for about $13.2 million in Merchants common stock... NBG owns the National Bank of Greenwood, which has assets of about $151 million. Merchants has been acquiring smaller Indiana banking concerns since a change in state banking laws last year allowed such purchases. Alternate Link via ProQuest.
  21. Mengle, Bev (February 13, 1986). "Merchants agrees to acquire NBG". Franklin Daily Journal. p. 1 – via Newspapers.com. The holding corporation for the National Bank of Greenwood, Johnson County's second largest bank, has reached a merger agreement with Merchants National Corporation, the parent corporation of Merchants National Bank... The agreement calls for a stock-for-stock exchange of Merchants common stock for all outstanding shares of NBG Financial Corporation common stock. Merchants has merger agreements pending with: Hancock Bancshares Corporation of Greenfield, the parent corporation of Hancock Bank & Trust, U.S. Bancorp of Carmel, the holding corporation of Union State Bank, Anderson Banking Co., and Alliance Bancorp, the holding corporation of Mid State Bank in Hendricks County.
  22. "Merchants closes deals with 2 holding companies". Columbus Republic. December 28, 1986. p. 36 – via Newspapers.com. Merchants National Corporation last week finalized its merger with NBG Financial Corporation of Greenwood and Mid-Southern Indiana Bancorp of Seymour. NBG Financial Corp. is the holding company for National Bank of Greenwood. Mid-Southern Indiana Bancorp, the holding company for the Seymour National Bank, is the second largest bank in Jackson County. Seymour National Bank has three branches. Merchants is in the process of 12 mergers, which when completed will give the corporation assets totaling about $4 billion.
  23. "Merchants to acquire Seymour National". Indianapolis Star. March 12, 1986. p. 29 – via Newspapers.com. The Seymour acquisition is the farthest from Indianapolis for Merchants. The company previously announced seven such deals since last year's bank law was drafted. Five were counties adjoining Marion County; the most recent occurred last month when Merchants said it would buy the National Bank of Greenwood. The other two were in Greencastle and Anderson... Under terms of the acquisition agreement announced Tuesday, Mid-Southern Indiana holders will exchange their shares Merchants National Corp. on Tuesday made its first move outside central Indiana. The Indianapolis holding company announced an agreement to acquire Mid-Southern Indiana Bancorp, owner of Seymour National Bank. Seymour National is that city's second-largest bank with about $63 million in assets. If completed, it would be the ninth acquisition by Merchants. As with the other announced deals, Merchants said Citizens National's current name and management will remain.
  24. "Merchants to buy bank in Tipton". Indianapolis Star. April 17, 1986. p. 38 – via Newspapers.com. Merchants National Corp. said Wednesday it has agreed to acquire the Citizens National Bank of Tipton. The bank, second-largest in the community, has assets of about $52 million.
  25. "Farmers State Corp. sale to Merchants announced". Indianapolis Star. April 24, 1986. p. 34 – via Newspapers.com. Merchants National Corp. said Wednesday it will acquire Farmers State Corp. in Zionsville. The purchase would be the third of a Frenzel-controlled metro area banking institution by Merchants. Otto N. Frenzel III is chairman and chief executive of Merchants. Under the agreement. Farmers State's approximately 36,000 shares will be exchanged for Merchants stock.
  26. "Tipton merger completed". Indianapolis News. December 31, 1986. p. 38 – via Newspapers.com. Merchants National Corp. has completed its acquisition of Citizens National Bank of Tipton. Citizens is the second largest bank in Tipton County and was founded in 1898. It has $56 million in assets and two offices in the county. With Tuesday's announcement. Merchants completed its 10th acquisition since the start of bank deregulation in 1985. The company has two mergers pending. The state's third-largest bank holding company. Merchants has assets of $4 billion. It is an Indianapolis corporation, and its leading bank is Merchants National Bank & Trust Co. Merchants also has banks in Greenfield, Greencastle, Greenwood, Shelbyville, Carmel, Anderson, Danville, Seymour, Zionsville and Connersville.
  27. "Merchants to Acquire Fayette". Wall Street Journal (Eastern ed.). August 21, 1986. p. 1. Merchants National Corp., a bank holding company, said it agreed to buy Fayette Bancorp in a stock swap. Terms weren't disclosed. Fayette is a bank holding company for Fayette Bank & Trust Co. Alternate Link via ProQuest.
  28. "Merchants to acquire bank". Franklin Daily Journal. August 25, 1986. p. 6 – via Newspapers.com. Merchants National Corp. will absorb Fayette Bancorp, holding company for Fayette Bank and Trust Co. in Connersville, Merchants announced last week. Fayette Bank and Trust has total assets of about $77 million. It is the largest bank in Fayette County. Merchants National Corp. is a multi-bank holding company with Merchants National Bank & Trust as its lead bank and the state's third largest. Merchants announced Feb. 13 the acquisition of NBG Financial Corp., the holding company for the National Bank of Greenwood. NBG is Johnson County's second largest bank with about $143 million in total assets and 120 employees.
  29. "Bank merger finalized". Indianapolis News. May 20, 1987. p. 10 – via Newspapers.com. Merchants National Corp.'s board of directors today finalized its merger with Fayette Bancorp, holding company for Fayette Bank & Trust Co. of Connersville. Ind. Fayette Bank & Trust Is the largest bank in Fayette County.
  30. "Merchants National Agrees To Buy Indiana Bank Firm". Wall Street Journal (Eastern ed.). December 15, 1986. p. 1. erchants National Corp. said it agreed in principle to acquire Ohio Valley Bancorp. of Madison, Ind., in a stock transaction with an indicated value of about $28 million... Ohio Valley, a holding company for Madison Bank & Trust Co., has total assets of about $150 million. Upon completion of this and other acquisitions, Merchants National's assets will exceed $4 billion. Alternate Link via ProQuest.
  31. "Banking merger is completed". Kokomo Tribune. September 1, 1987. p. 5 – via Newspapers.com. Merger of Merchants National Corp. with Ohio Valley Bankcorp, holding company for Madison Bank & Trust Co., has been completed, Merchants officials said. Madison Bank & Trust, established in 1833, is the oldest chartered bank in the state and the largest in Jefferson County, with assets of approximately $153 million, officials said Monday. Merchants National, an Indiana multibank holding company, has announced 14 merger agreements, 12 of which have been completed. When all 14 have been completed, the corporation's assets would total about $4.2 billion.
  32. Vlerebome, Peggy (March 10, 2005). "National City sells Madison Bank and Trust - to MainSource". Madison Courier. Employees of Madison Bank and Trust Co. were informed this morning that National City will sell their bank to MainSource Financial Group. Madison Bank and Trust didn't fit into National City's "branding," a National City executive said in the transaction announcement issued by MainSource... Madison Bank and Trust Co. became a wholly owned subsidiary of National City with National City's acquisition of Merchants National Corp. in 1991. "Since then, they have maintained the Madison identity, operating under a separate charter," James Hughes, National City's executive vice president, retail branch network, said in the Web site posting.
  33. "MainSource Financial Group and The Madison Bank and Trust Announce Definitive Agreement". Marketwired (Press release). March 10, 2005.
  34. "MainSource Financial Group Acquires The Madison Bank and Trust Company". Marketwired (Press release). August 29, 2005.
  35. "Merchants National, Elston Merge". Logansport Pharos-Tribune. March 11, 1987. p. 4 – via Newspapers.com. Elston Corp. of Crawfordsville would become part of the Merchants National Corp. of Indianapolis under terms of a merger that has been approved in principle, the bank holding companies said Tuesday. The Elston deal would mark the 13th merger for Merchants, the holding company for Merchants National Bank.... Elston, which has assets of $143 million, is the holding company for Elston Bank and Trust Co., Montgomery County's largest bank with six offices in Crawfordsville, Waveland and Waynetown.
  36. "Merchants National to Buy Company in Stock Swap". Wall Street Journal (Eastern ed.). March 11, 1987. p. 1. Merchants National Corp. said it agreed to acquire closely held Elston Corp., Crawfordsville, Ind., in a stock swap valued at about $24 million... Elston owns Elston Bank & Trust Co., which had assets of $143 million at Dec. 31. Merchants had assets of $3.9 billion at year end. Link via ProQuest.
  37. "Merchants National Acquisition". Wall Street Journal (Eastern ed.). November 6, 1987. p. 1. Merchants National Corp. said it agreed to amend the terms of its acquisition of Elston Corp. because of recent stock-market volatility. Under terms of the preliminary agreement, Merchants National said it will pay $185 for each of closely held Elston's 118,928 shares outstanding, or a total of about $22 million. Last March, Merchants National agreed to acquire Crawfordsville, Ind.-based Elston, also a bank-holding company, through a stock swap valued then at about $24 million. Merchants National said it expects the acquisition to be completed in January. Alternate Link via ProQuest.
  38. "Merchants National finalizes merger". Kokomo Tribune. February 14, 1988. p. 27 – via Newspapers.com. Merchants National Corp. has finalized its merger with Elston Corp., the holding company for Elston Bank & Trust Co., Crawfordsville. Elston Bank, the largest bank in Montgomery County, has total assets of about $135 million. It has six banking locations in Crawfordsville, Waveland and Waynetown. Merchant's total assets, with the addition of the Elston, are about $4.3 billion.
  39. "Batesville State Bank, Merchants agree in principal[sic] to merger". Indianapolis Star. April 19, 1988. p. 24 – via Newspapers.com. Merchants National Corp. and BSB Bancorp, holding company for Batesville State Bank, announced an agreement in principle on Monday to merge. In an all-cash transaction. Merchants will pay $262 for each outstanding share of BSB Bancorp common stock for a total price of $12 million.
  40. Allen, David C. (July 14, 1988). "East Chicago Bank Agrees to Merger". Post-Tribune. p. B1. First National Bank of East Chicago has agreed to become part of Merchants National Corp. of Indianapolis... The companies actually said they agreed in principle to merge Merchants National Corp., already holding company for 16 Indiana banks, and the Riley Corp., owner of the East Chicago bank.
  41. "Proposed bank merger announced". Kokomo Tribune. July 14, 1988. p. 8 – via Newspapers.com. Merchants National Corp. has announced the proposed merger with the holding company for First National Bank of East Chicago, marking the Indianapolis financial giant's first step into northern Indiana. The agreement to merge with the Riley Corp. calls for an exchange of Merchants common stock and cash for Riley Corp. stock.
  42. "Merchants, 1st National Merger Final". Post-Tribune. December 2, 1988. p. B8. Merchants National Corp. of Indianapolis completed its merger with Riley Co. Inc. of East Chicago on Nov. 28. Riley Co. was the holding company for First National Bank of East Chicago.
  43. "Merchants to buy bank". Indianapolis Star. April 15, 1989. p. 28 – via Newspapers.com. Merchants National Corp. has agreed to acquire First National Bankshares Inc. of Logansport. First National's main unit is the First National Bank of Logansport, which has $204 million in assets. The Indianapolis-based bank holding company agreed to pay about $22.9 million... The agreement, announced Friday, is subject to approval by directors of the two companies and regulatory agencies. Under the accord, the Logansport bank would retain its name. Other Merchants acquisitions also have kept their names after they were purchased. "First National is a well-managed bank with a strong position in its market." said James D. Massey, president and chief operating officer of Merchants National Corp. Merchants has 16 subsidiary banks. Its main unit is Merchants National Bank and Trust Co. in Indianapolis.
  44. "1st National Bank Merger Finalized At Merchants". Logansport Pharos-Tribune. October 25, 1989. p. 22 – via Newspapers.com. Merchants National Corporation (NASDAQ MCHN) Tuesday completed its merger with First National Bankshares Inc. of Logansport and its subsidiaries, The First National Bank of Logansport and the First National Bank of Indiana... The First National Bank of Logansport was chartered as a national banking association in 1931. The First National Bank of Logansport has six banking locations in Cass County and one in, Monticello in White County.
  45. Swasy, Alecia (October 31, 1991). "National City Corp. to Buy Merchants National Corp". Wall Street Journal. p. A14. National City Corp agreed to buy Merchants National Corp in a stock swap valued at about $604 million. Alternate Link via ProQuest.
  46. "National City Corp". Wall Street Journal. May 5, 1992. p. B4. National City Corp completed its $604 million acquisition of Merchants National Corp through a stock transaction. The merger gives National City assets of about $30 billion. Alternate Link via ProQuest.
  47. "It's not Merchants anymore". Indianapolis News. May 6, 1992. p. 38 – via Newspapers.com. It's official: National City Corp. of Cleveland on Saturday completed its acquisition of Merchants National Corp.. which had been the second-largest bank holding company based in Indiana. National City is now the parent of Merchants National Bank in Indianapolis and several of Its affiliate banks statewide. The banks will take on their new owner's name. The combined companies have assets of $30 billion and 575 offices in Ohio. Indiana and Kentucky. About 600 positions at Merchants may be eliminated as the result of consolidation.
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