When was Merchants National Corporation formed?
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To allow it to acquire other banks and other financial related businesses, Merchants National Bank & Trust Company formed a holding company called Merchants National Corporation in January 1972.
Merchants National Corporation
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In January 1986, Merchants National Corporation announced the pending acquisition of the three month old Danville-based Alliance Bancorp with its Mid State Bank of Hendricks County subsidiary for an undisclosed amount. Alliance was the product of the recent merger between Danville State Bank and the First National Bank of Coatesville which also formed the Mid State Bank of Hendricks County. The acquisition was completed in November 1986.
Merchants National Corporation
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From the mid-1950s through the late 1980s, Merchants National Bank and Trust, along with American Fletcher National Bank and Indiana National Bank, was one of the top three largest banks within Indianapolis and its holding company, Merchants National Corporation, was one of the top three largest bank holding companies within the state, along with American Fletcher Corporation and Indiana National Corporation (later named INB Financial Corporation).
Merchants National Corporation
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In October 1991, National City Corp. announced that it was acquiring the Indianapolis-based Merchants National Corporation with its lead bank Merchants National Bank and Trust Company of Indianapolis for $604 million in stock. The acquisition was completed in May 1992. As a result of the merger, approximately 600 positions were eliminated as a direct result of the consolidation of mostly headquarters functions, mainly in Indianapolis.
Merchants National Corporation
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In July 1988, Merchants National Corporation announced the pending acquisition of the East Chicago-based Riley Corporation with its First National Bank of East Chicago subsidiary for an undisclosed amount. The acquisition was completed in November 1988.
Merchants National Corporation
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Merchants National Corporation was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institution at the time it was acquired by Ohio-based National City Corporation in 1992. Its primary subsidiary was the Indianapolis-based Merchants National Bank and Trust Company, which was founded in 1865.
Merchants National Corporation
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In July 1985, Merchants National Corporation announced the pending acquisition of the Greencastle-based Putnam National Corporation with its Central National Bank of Greencastle subsidiary for $$7.3 million in stock and cash. The acquisition was completed in February 1986.
Merchants National Corporation
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In March 1986, Merchants National Corporation announced the pending acquisition of the Seymour-based Mid-Southern Indiana Bancorp with its Seymour National Bank subsidiary for an undisclosed amount. The acquisition was completed in December 1986. This was Merchants first move outside the immediate area surrounding Marion County.
Merchants National Corporation
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In February 1986, Merchants National Corporation announced the pending acquisition of the Greenwood-based NBG Financial Corporation with its Farmers National Bank subsidiary $13.2 million in stock. The acquisition was completed in December 1986.
Merchants National Corporation
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Merchants National Corporation made its first expansion move outside of Marion County by announcing in June 1985, one month before the new cross-county bank laws went into effect, the pending acquisition of the Shelbyville-based Farmers National Corporation with its Farmers National Bank subsidiary for an undisclosed amount. The acquisition was completed in January 1986.
Merchants National Corporation
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In December 1986, Merchants National Corporation announced the pending acquisition of the Madison-based Ohio Valley Bancorp with its Madison Bank & Trust Company subsidiary for an undisclosed amount. The acquisition was completed in September 1987. After National City acquired Merchants National, National City never merged Madison Bank & Trust into National City but decided the divest the bank 14 years later after determining that this bank did not fit with in with the rest of the company. National City eventually sold Madison Bank & Trust to MainSource Financial Group in 2005 for an undisclosed amount.
Merchants National Corporation