First Merchants Corp (FRMEP) company profile
Close on Oct 30, 2026Market cap $1.58BP/E 7.8Yield 5.68%
About First Merchants
National Commercial Banks, SIC 6021
First Merchants Corporation operates as a financial holding company providing community banking services through its principal subsidiary, First Merchants Bank. The company conducts business across one primary segment, delivering a wide selection of commercial and retail banking products alongside mortgage and wealth management solutions. Commercial clients have access to capital debt financing, depository offerings, and treasury management, while individual consumers can obtain deposit accounts and consumer loans. Additionally, residential mortgage lending assists buyers and property owners, while the Private Wealth Advisors division delivers comprehensive wealth planning, investment management, and fiduciary estate services to individuals and families.
The organization maintains its corporate headquarters in Muncie, Indiana. Its physical footprint comprises 111 banking centers situated across Indiana, Ohio, and Michigan, augmented by mobile and digital banking delivery systems. Following an acquisition completed in early 2026, the branch network expanded into southern Indiana markets with 16 additional banking centers. In total, the institution employs 2,086 full-time equivalent personnel to support its regional banking operations.
Summary of the business section of First Merchants's latest annual report, written by StockData.
Company profile
Company
- Legal name
- First Merchants Corp
- Founded
- 1982
- Headquarters
- Muncie, IN
- Address
- 200 E Jackson St, Po Box 792 47308-0792
- Phone
- (765) 747-1500
- Website
- firstmerchants.com
- Employees
- 2,086, Dec 31, 2025
- Industry
- National Commercial Banks
- Incorporated in
- Indiana
- Fiscal year ends
- December 31
- Auditor
- Forvis Mazars, LLP, Indianapolis, IN
Stock & identifiers
- Ticker
- FRMEP
- Other tickers
- FRME
- Exchange
- Nasdaq
- IPO date
- Jun 20, 1989
- Shares outstanding
- 63M, Jul 27, 2026
- Public float
- $2.20B, Jun 30, 2025
- Filer category
- Large accelerated filer
- Stock splits
- 3-for-2, Oct 26, 1998; 3-for-2, Oct 30, 1995; 3-for-2, Jan 26, 1993
- SEC CIK
- 712534
- CUSIP
- 320817109
- ISIN
- US3208171096
- LEI
- TZTBT0OTGQ2FEK6XMX94
- EIN
- 35-1544218
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Mark K. Hardwick | Chief Executive Officer, Director | 150,525 |
| Stephan Fluhler | Chief Information Officer | 25,466 |
| Eva D. Scurlock | Chief Risk Officer | 31,523 |
| Michele Kawiecki | Chief Financial Officer | 74,412 |
| John Martin | Chief Credit Officer | 71,549 |
| Joseph C. Peterson | Chief Commercial Officer | 45,482 |
| Steven C. Harris | Chief Human Resources Officer | 22,797 |
| Michael J. Stewart | President | 123,069 |
| Chad Kimball | Chief Risk Officer | 18,090 |
| Michael R. Becher | Director | 29,699 |
| Michael C. Rechin | Director | 95,544 |
| Larry W. Myers | Director | 314,534 |
| Paul G. Fultz | Director | 518 |
| Howard Halderman | Director | 29,788 |
| Jean L. Wojtowicz | Director | 66,731 |
| Kevin D. Johnson | Director | 9,498 |
| Michael J. Fisher | Director | 19,029 |
| Mung Chiang | Director | 8,864 |
| Jason R. Sondhi | Director | 11,098 |
| Clark C. Kellogg | Director | 17,382 |
| Susan W. Brooks | Director | 12,572 |
| Gary Lehman | Director | 53,775 |
| Patrick J. Fehring | Director | 120,485 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 | $2.40M | $2.25M | $1.29M | $119 | $153 |
| FY2024 | $2.08M | $2.24M | $1.19M | $114 | $130 |
| FY2023 | $1.79M | $1.69M | $970.09K | $102 | $116 |
| FY2022 | $1.87M | $1.85M | $1.03M | $108 | $116 |
| FY2021 | $1.45M | $1.58M | $1.06M | $107 | $125 |
| FY2020 | $1.40M | $1.17M | $666.53K | $93 | $91 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Executive compensation, fiscal 2025
Summary compensation table from the latest proxy statement
| Executive | Salary | Stock awards | Incentive pay | Other | Total | vs. prior year |
|---|---|---|---|---|---|---|
| Mark K. Hardwick Chief Executive Officer | $826.54K | $787.29K | $657.92K | $126.74K | $2.40M | +15% |
| Michael J. Stewart President | $658.02K | $599.84K | $392.84K | $100.80K | $1.75M | +8% |
| Michele M. Kawiecki Executive Vice President and Chief Financial Officer | $494.79K | $487.37K | $295.39K | $92.10K | $1.37M | +11% |
| John J. Martin Executive Vice President and Chief Credit Officer | $453.99K | $299.92K | $225.50K | $66.52K | $1.05M | +8% |
| Joseph C. Peterson Executive Vice President and Chief Commercial Officer | $453.99K | $299.92K | $177.20K | $52.07K | $983.18K | +6% |
Stock and option awards are grant-date fair values, not realized pay. “Other” includes pension value changes and all other compensation. Source proxy statement.
Employees
Headcount reported in annual reports
“As of December 31, 2025, the Corporation and its subsidiaries had 2,086 full-time equivalent employees.”
Corporate history
Events identified from SEC filings