First Merchants Bank
First Merchants Bank is a financial holding company headquartered in Muncie, Indiana, serving customers across Indiana, Ohio, Illinois, and Michigan. The bank provides comprehensive personal and business banking services, including commercial banking, mortgage lending, treasury management, and wealth management services. As of 2023, First Merchants Corporation manages approximately $18.2 billion in total assets.
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Data source: SBA 7(a) FOIA loan-level data, covering activity through June 30, 2026 across the trailing 3 years (56 loan records for this lender). Refreshed quarterly from public loan-level records; figures are not supplied or reviewed by the lender.
First Merchants Bank ranks #37 of 564 SBA 7(a) lenders nationally by acquisition-loan volume.
Most of First Merchants Bank’s 7(a) acquisition lending falls in the $500K-$1M range: 16 loans, 28.6% of the portfolio.
| Loan size | Share of loans | Loans | % of portfolio |
|---|---|---|---|
| $0-$500K | 10 | 17.9% | |
| $500K-$1M | 16 | 28.6% | |
| $1M-$2M | 16 | 28.6% | |
| $2M-$3M | 7 | 12.5% | |
| $3M-$4M | 4 | 7.1% | |
| $4M-$5M | 3 | 5.4% |
Industries with highest loan volume
Full-Service Restaurants
5
loans
$1.2M
avg. amount
Machine Shops
3
loans
$1.2M
avg. amount
All Other Professional, Scientific, and Technical Services
2
loans
$2.0M
avg. amount
Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers
2
loans
$719K
avg. amount
Plumbing, Heating, and Air-Conditioning Contractors
2
loans
$1.8M
avg. amount
Commercial Screen Printing
2
loans
$2.5M
avg. amount
Limited-Service Restaurants
2
loans
$1.7M
avg. amount
All Other Specialty Food Retailers
2
loans
$1.1M
avg. amount
Stationery and Office Supplies Merchant Wholesalers
1
loans
$201K
avg. amount
Amusement Arcades
1
loans
$450K
avg. amount
10-Year
3.2%
Percentile Ranking
92th
92th percentile
First Merchants Bank’s median variable rate is + 2.75%, against a market median of Prime + 1.88%, 88 above market.
It priced below the market median in 0 of the last 8 quarters.
| Loan Size | Avg Rate |
|---|---|
| $0-$500K | Prime + 2.38% |
| $500K-$1M | Prime + 2.64% |
| $1M-$2M | Prime + 2.50% |
| $2M-$3M | Prime + 2.14% |
| $3M-$4M | Prime + 2.25% |
| $4M-$5M | Prime + 2.58% |
| Quarter | This lender | Market median | Market range | Loans |
|---|---|---|---|---|
| Q3 '23 | Prime + 2.25% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 7 |
| Q4 '23 | Prime + 2.50% | Prime + 2.00% | Prime + 1.42% – Prime + 2.50% | 3 |
| Q3 '24 | Prime + 2.75% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 4 |
| Q1 '25 | Prime + 2.75% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 5 |
| Q3 '25 | Prime + 2.25% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 5 |
| Q4 '25 | Prime + 2.75% | Prime + 2.25% | Prime + 1.67% – Prime + 2.75% | 4 |
| Q1 '26 | Prime + 2.75% | Prime + 2.00% | Prime + 1.50% – Prime + 2.50% | 5 |
| Q2 '26 | Prime + 2.75% | Prime + 2.00% | Prime + 1.25% – Prime + 2.50% | 7 |
First Merchants Bank has originated 7(a) acquisition loans in 20 states, most actively in Texas (10), New York (7) and Idaho (6). Darker states on the map carry more volume.
| State | Loans | % of Total |
|---|---|---|
| Texas | 10 | 17.9% |
| New York | 7 | 12.5% |
| Idaho | 6 | 10.7% |
| Michigan | 6 | 10.7% |
| Florida | 5 | 8.9% |
| California | 4 | 7.1% |
| Indiana | 3 | 5.4% |
| Connecticut | 2 | 3.6% |
| Nevada | 2 | 3.6% |
| Illinois | 1 | 1.8% |
| Georgia | 1 | 1.8% |
| Ohio | 1 | 1.8% |
| Oregon | 1 | 1.8% |
| Montana | 1 | 1.8% |
| Pennsylvania | 1 | 1.8% |
| Tennessee | 1 | 1.8% |
| New Jersey | 1 | 1.8% |
| Utah | 1 | 1.8% |
| Massachusetts | 1 | 1.8% |
| North Carolina | 1 | 1.8% |
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