First Merchants is expanding its investment services division.
The Muncie-based organization announced it is acquiring Indianapolis-based Hoosier Trust Co., which launched in 2001. Hoosier Trust’s employees have a combined service of more than 75 years in the industry, First Merchants said in a statement.
“Hoosier Trust Co. 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,” said Michael Rechin, First Merchants president and CEO. “This strategic acquisition will further strengthen First Merchants’ private wealth practice and continue our efforts to serve as a financial resource for all potential clients in the communities we serve.”
Michael Joyce, president of First Merchants Private Wealth Advisors, said estate planning often is an overlooked area of personal finance management.
“At First Merchants, we partner with individuals, families and organizations to provide comprehensive solutions and personal service in pursuit of a secure financial future,” Joyce said. “Hoosier Trust Co. is aligned with that mission, and we look forward to offering their current clients the opportunity to utilize First Merchants’ full array of counsel and capabilities.”
First Merchants Private Wealth Advisors includes more than 100 professionals, managing more than $4 billion in assets.
“This is a natural fit for our company and provides our clients with significantly more opportunities to invest and succeed financially,” said Connie Allman, president and CEO of Hoosier Trust Co. “First Merchants has an established private wealth practice while also offering a full suite of commercial and personal banking services.”
Muncie-based First Merchants has assets of approximately $12.3 billion and operates 130 banking offices in Indiana, Michigan, Ohio, and Illinois. It has 18 locations in Northwest Indiana and Northeast Illinois.