Thursday, March 4, 2021
INDIANAPOLIS – First Merchants executives, local community leaders and Indianapolis Mayor Joe Hogsett are celebrating the opening of First Merchants’ newest banking center located in the city’s Avondale Meadows neighborhood. The banking center, housed at the intersection of East 38th Street and Meadows Drive, continues First Merchants’ investment in underserved communities and provides needed financial opportunities for local residents and businesses.
We look forward to developing roots in Avondale Meadows as First Merchants continues to bring sound financial solutions and a deep commitment of personal service to our clients,” said First Merchants President Mike Stewart. “At a time when low- and moderate-income neighborhoods are most vulnerable, we’ve committed to provide hundreds of millions of dollars to help communities throughout our Midwest footprint.
In June 2020, First Merchants announced a $1.4 billion community investment plan with the National Community Reinvestment Coalition (NCRC) and its community-based members and partners. The commitment, which extends through 2025, includes mortgage, small business and community development investments and lending. Philanthropic funding is a primary focus as well and will be funneled to low- and moderate-income communities across First Merchants’ regional market areas in Indiana, Ohio, Illinois and Michigan.
"Congratulations to First Merchants Bank and to the Avondale Meadows community on the opening of a new, state-of-the-art banking center,” said Mayor Joe Hogsett. “I am thrilled to see the addition of banking opportunities on the northeast side. I look forward to the economic development today’s ribbon cutting will unlock for this neighborhood.”
The Avondale Meadows banking center seeks to increase mortgage lending, small business lending, community development and philanthropic ties to local clients of all geographic and financial backgrounds. The company’s full $1.4 billion commitment focuses on underserved, low- to moderate-income and rural communities and provides:
• $398 million in mortgage lending
• $423 million in small business lending
• $580 million in community development lending and investment commitments
• $3.4 million in sponsorships, grant, loan and investment opportunities
• $10 million to open five new branches and/or loan production offices in low- to moderate-income communities, including Marion County, Ind.; Lake County, Ind.; Franklin County, Ohio and Wayne County, Mich.
First Merchants is leveraging new and current partnerships with community-based organizations to help identify and engage with potential clients who may benefit from existing and newly developed products and programs.
“We are committed to building up the community and earning the community’s trust in everything that we do, both inside and outside of the banking center,” said Jeffrey Foreman, manager of the new location. “We are thrilled to be here and to work with the Avondale Meadows community to advance economic opportunities.”
City-County Councilor William ‘Duke’ Oliver, who represents the area, was the banking center’s first official customer and depositor. “I’m very happy to have this service for the people in Avondale Meadows,” said Oliver. “I was the first customer to open an account, and that I’m very proud of.”
“It’s been great to learn that during the time of building this beautiful facility, First Merchants also established the building of great relationships with residents who believe in seeing greater days,” said Ashley Gurvitz, CEO of the United Northeast Community Development Corporation.
First Merchants is a full-service financial institution offering an array of services including commercial and consumer banking, treasury management, private wealth and administrative services. With assets of approximately $14.1 billion and 130 banking offices in Indiana, Michigan, Ohio and Illinois, the company is investing heavily in growing its presence and community impact in the Midwest.
About First Merchants Corporation
First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank). First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s website (www.firstmerchants.com). FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.