Muncie, Indiana-based First Merchants is set to acquire Indianapolis-based trust and investment management firm Hoosier Trust Company, which oversees $300m in assets.
Financial terms of the transaction were not shared.
Founded in 2001, Hoosier Trust Company offers trust and investment management services to clients in Central Indiana. It focuses on meeting the financial and fiduciary requirements of their clients in alignment with their legal and tax advisers.
First Merchants offers commercial and consumer banking, treasury management, private wealth and administrative services, among others.
It has 125 banking offices in Indiana, Michigan, Ohio and Illinois, and assets of around $13.7bn. The business eyes growth in the Midwest.
The latest deal will enable First Merchants to strengthen its private wealth practice.
First Merchants president and CEO Michael Rechin said: “Hoosier Trust Company has demonstrated tremendous success since its founding, and like First Merchants, the company commits to maintaining the highest standards of integrity and professionalism in client relationships.”
First Merchants Private Wealth Advisors president Michael Joyce added: “The integration of an estate plan and trusted fiduciary administration is one of the most overlooked areas of personal financial management, but one of the most important.”
First Merchants Private Wealth Advisors manages more than $4bn in assets.
Hoosier Trust Company president and CEO Connie Allman said: “This is a natural fit for our company and provides our clients with significantly more opportunities to invest and succeed financially.
“First Merchants has an established Private Wealth practice while also offering a full suite of commercial and personal banking services. We very much look forward to completing this acquisition and joining the First Merchants team.”