First Merchants has concluded the acquisition of Indianapolis-based trust and investment management firm Hoosier Trust Company, following the receipt of regulatory approvals.

Founded in 2001, Hoosier Trust Company provides trust and investment management services to clients in Central Indiana and manages $300m in assets.

The company focuses on meeting the financial and fiduciary requirements of their clients in alignment with their legal and tax advisers.

Commenting on the development, First Merchants Private Wealth Advisors president Michael Joyce said that the cultural fit between the two firms reinforced while working together to finalise the merger.

Joyce added: “We are excited to formally welcome Hoosier Trust Company’s team and their clients to the First Merchants family.

“We look forward to bringing immediate value through comprehensive solutions and support, while maintaining the personal service these clients covet.”

The deal, which was announced by First Merchants in November last year, strengthens the bank’s private wealth practice.

The addition of Hoosier will establish the lender as a key provider of fiduciary and wealth management services in central Indiana.

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.

First Merchants Private Wealth Advisors manages more than $4.0 bn in assets. It consists of over 100 professionals, including attorneys, accountants, and financial planners.

Earlier this week, Prime Capital Investment Advisors (PCIA acquired the assets of Arkansas-based Sphere Wealth Management for an unknown sum.