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First Merchants Corporation competitors
and the alternatives

Last updated Oct 20, 2026 · 6 peers · 62 sources cited

Who are First Merchants Corporation's competitors, and what are the alternatives?

First Merchants' 2025 10-K, filed February 25, 2026, says it faces substantial competition in its Indiana, Ohio and Michigan counties, 'primarily' from national, regional and internet banks, many larger and with more resources, plus smaller community banks, credit unions, finance companies, brokerages, insurers and nonbank competitors with fewer regulatory constraints. In Indiana it ranked sixth by branch deposits at June 30, 2025, with $11.67 billion (5.50%) in 74 offices, behind JPMorgan Chase (11.80%), PNC (7.95%), Old National (6.51%), Fifth Third and Merchants Bank of Indiana. In Indianapolis it was seventh (5.54%), behind JPMorgan Chase, PNC, Merchants Bank of Indiana, Fifth Third, Huntington and First Internet Bank, while in its home town of Muncie it held 58.96%. In Michigan, where it ranked 16th with $2.53 billion, JPMorgan Chase, Huntington and Comerica lead; Comerica is now part of Fifth Third. Its newest market is the Louisville area, entered through First Savings, where PNC (22.24%) and JPMorgan Chase lead. The non-bank rivals the 10-K points to, nonbank competitors offering automatic transfer and payment systems and internet banks, are clearest in everyday banking: Chime had 10.4 million active members in June 2026, and Block lists banks among the competitors of Square and Cash App.[1][2][3][4][5][6][7][8][9][10]

Data as of Oct 20, 2026 · First Merchants profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown

In its own words

What does First Merchants say about its competition?

"The Bank operates in Indiana, Ohio, and Michigan counties. The Bank faces substantial competition across all areas of its operations from a variety of competitors, many of which are larger and have more financial resources. Such competitors primarily include national, regional and internet banks within the various markets in which the Bank operates, though the Bank also competes with smaller community banks that seek to offer similar service levels. The Bank also faces competition from many other types of institutions, including, without limitation savings and loans associations, credit unions, finance companies, brokerage firms, insurance companies, and other financial intermediaries."[1]

"In addition, technological developments have lowered barriers to entry and enabled nonbank competitors to offer products and services traditionally provided by banks, such as automatic transfer and automatic payment systems. Many of our nonbank competitors have fewer regulatory constraints and may have lower cost structures. Additionally, due to their size, many competitors may be able to achieve economies of scale and, as a result, may offer a broader range of products and services as well as more competitive pricing for those products and services than we can. Finally, the Bank's competitors may choose to offer lower loan interest rates and pay higher deposit rates."[1]

"The Bank believes that the most important criteria to its targeted clients when selecting a bank include the quality of customer service and convenient access to a broad array of financial products. Additionally, when presented with a choice, the Bank believes that many of its targeted clients prefer to deal with an institution that favors local decision making as opposed to institutions where many important decisions regarding a client's financial affairs are made outside the local community."[1]

From the risk factors of the same 10-K: "technology has lowered barriers to entry and made it possible for non-bank, financial technology companies to offer products and services traditionally provided by banks. Many of the Corporation's competitors have fewer regulatory constraints, greater resources and lower cost structures." (2025 Form 10-K, filed February 25, 2026.)[1]

By business line

Who competes with First Merchants in each of its businesses?

Business lineCompetitorTypeWhy it competes
Home region: IndianaJPMorgan ChaseBankThe largest deposit holder in Indiana, with $25.04 billion (11.80%) in 118 offices, and first in Indianapolis with 15.49% at June 30, 2025.[2][3]
Home region: IndianaPNCBankSecond in Indiana with $16.86 billion (7.95%) in 80 offices, second in Indianapolis (13.69%) and first in the Louisville metro (22.24%) at June 30, 2025.[2][3][6]
Home region: IndianaOld National BancorpBankEvansville-based Old National was third in Indiana with $13.82 billion (6.51%) in 93 offices at June 30, 2025, and has a branch presence in Muncie, First Merchants' home town.[2][4]
Home region: IndianaFifth Third BancorpBankFourth in Indiana with $13.08 billion in 96 offices and fourth in Indianapolis (7.27%) at June 30, 2025; it also absorbed Comerica, third in Michigan.[2][3][5][7]
Home region: IndianaMerchants Bank of IndianaBankCarmel-based Merchants Bank of Indiana booked $12.75 billion of Indiana deposits in seven offices, fifth in the state and third in Indianapolis (12.83%), at June 30, 2025.[2][3]
Home region: IndianaFirst Financial BancorpBankCincinnati-based First Financial Bank held $6.20 billion of Indiana deposits, tenth in the state, at June 30, 2025.[2]
Commercial banking in Michigan, Ohio and LouisvilleHuntington BancsharesBankHuntington was second in Michigan with $37.45 billion (12.33%) in 299 offices and fifth in Indianapolis at June 30, 2025; First Merchants holds $2.53 billion of Michigan deposits.[5][3]
Commercial banking in Michigan, Ohio and LouisvilleFlagstarBankFlagstar held $21.42 billion of Michigan deposits in 101 offices at June 30, 2025, fifth in the state.[5]
Commercial banking in Michigan, Ohio and LouisvilleTruistBankTruist held $2.82 billion in the Louisville metro at June 30, 2025, sixth there, where First Savings, now part of First Merchants, was eighth with $1.38 billion.[6][8]
Retail deposits and everyday digital bankingChimeFintechAn internet-based bank alternative of the kind First Merchants' 10-K names; Chime's own 10-K claims a significant cost advantage over traditional banks, and it had 10.4 million active members at June 30, 2026.[1][11][9]
Retail deposits and everyday digital bankingCash App (Block)FintechFirst Merchants' 10-K says nonbank competitors now offer automatic transfer and payment systems; Block's 2025 10-K lists banks among Cash App's competitors in peer-to-peer payments and debit cards.[1][10]
Retail deposits and everyday digital bankingCredit unions in Indiana, Ohio and MichiganCredit unionFirst Merchants' 10-K names credit unions among the institutions it competes with across its operations.[1]
Small business banking and merchant servicesBank of AmericaBankBank of America calls itself the number one small business lender in the US, citing FDIC data, and was eighth in Indianapolis with $4.44 billion of deposits at June 30, 2025; First Merchants hired a director of small business banking in November 2025.[12][3][13]
Small business banking and merchant servicesSquare (Block)Payments companyBlock's 10-K lists banks that provide payment processing, checking, savings, loans and payroll among Square's competitors, the services First Merchants' small-business team sells.[10][13]
AI offerings compared

How do the AI and digital offerings of First Merchants's competitors compare?

First Merchants first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

CompanyAI or digital offeringOn the record (our profiles)Latest dated AI move
First Merchants Corporation (this page)Not disclosedIndex 29.8 (#88); 11 use cases, 9 in productionCEO succession: Stewart to replace Hardwick on 1 January 2027 (Oct 1, 2026)[14][15]
JPMorgan ChaseLLM Suite[16][17]Index 89 (#6); 15 use cases, 8 in productionQ3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026)[18][19][20]
PNCPNC AI factory[21][22][23][24]Index 68.2 (#38); 14 use cases, 8 in productionHead of ATM Banking hired with an AI mandate (Sep 25, 2026)[25]
Old National BancorpAI Center of Excellence; Abrigo AI loan review with about 31% higher reviewer efficiency (vendor-reported)[26][27]Index 66 (#40); 14 use cases, 10 in productionQ2 2026 10-Q has no AI language (Jul 29, 2026)[28][29][30]
Fifth Third BancorpJeanie chatbot, named Best Chatbot of 2026[31]Index 84 (#14); 13 use cases, 10 in productionAI chief Jay Budzik describes the lending-model upgrade (Oct 12, 2026)[32]
Merchants Bank of IndianaNot disclosedIndex 1.8 (#118); 12 use cases, 10 in productionBlue Sage reports 200%+ jumbo correspondent volume growth (Aug 27, 2026)[33]
First Financial BancorpNot disclosedIndex 4.4 (#105); 11 use cases, 8 in productionSuccession reshuffle: Anderson president, former CIO Myers COO (Sep 14, 2026)[34][35]
Huntington BancsharesAgentic process transformation, run from finance[36][37][38]Index 84.2 (#13); 17 use cases, 15 in productionNamed a Coverbase enterprise customer (Sep 29, 2026)[39]
FlagstarFlagstar S2 Platform and StarIQ[40][41][42]Index 65.3 (#41); 14 use cases, 8 in productionThird-quarter 2026 results set for 23 October (Oct 9, 2026)[43]
TruistTruist Insights and the 'digital teammates'[44][45]Index 82.6 (#16); 15 use cases, 13 in productionMid-table on AI-judged reputation (Sep 18, 2026)[46]
ChimeJade, an in-app AI financial partner available to some members[47]8 use cases, 6 in productionAgreement to acquire Stride Bank (Sep 8, 2026)[48]
Cash App (Block)Moneybot consumer agent: over 1 million weekly engaged accounts (June 30, 2026)[49]7 use cases, 6 in productionQ2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[49]
Credit unions in Indiana, Ohio and MichiganNot disclosedNo profileNot disclosed
Bank of AmericaErica (and EricaAssist)[50][51][52]Index 97.3 (#1); 18 use cases, 16 in productionTreasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026)[53][54][55]
Square (Block)Managerbot, an AI business agent for Square sellers[56]7 use cases, 6 in productionQ2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[49]
Alternatives

Who should look beyond First Merchants, and where?

If you areLook atWhy
Customers who want an AI virtual assistant in the banking appFifth Third (Jeanie) or Busey (Glia virtual assistants)First Merchants has disclosed no customer-facing AI assistant; its AI is internal Copilot and mortgage intake. Fifth Third, fourth in Indiana by deposits, runs Jeanie, named Best Chatbot of 2026, and Busey reports Glia virtual assistants handling 61.5% of calls.[57][31][2][58]
People who need branches outside Indiana, Ohio and MichiganJPMorgan Chase or PNCFirst Merchants' 111 banking offices are in Indiana, Ohio and Michigan, plus the Louisville area through First Savings. Chase reported 5,083 branches nationally in 2025, and PNC is the largest deposit holder in the Louisville metro and second in Indiana.[1][59][6][2]
Customers who want a branchless, app-only accountChimeFirst Merchants' 10-K says its clients prefer local decision-making and convenient access. Chime avoids branches, had 10.4 million active members at June 30, 2026, and offers some members Jade, an in-app AI financial partner.[1][9][47]
Indianapolis customers who want the largest local branch networksJPMorgan Chase or PNCIn Indianapolis, First Merchants held 5.54% of branch deposits in 24 offices at June 30, 2025. JPMorgan Chase held 15.49% in 56 offices and PNC 13.69% in 43.[3]
Sellers who want card acceptance and point-of-sale software from one providerSquare (Block)Block's 10-K positions Square as an ecosystem competing with banks that provide payment processing, checking, savings, loans and payroll, and Square sellers can use Managerbot, an AI agent. First Merchants sells small-business banking through relationship bankers.[10][56][13]
Indiana deposit share

Where does First Merchants rank by deposits in Indiana and Indianapolis?

Branch deposits at June 30, 2025, from the FDIC's Summary of Deposits, summed by bank. Merchants Bank of Indiana books most of its deposits in a few offices.

MarketRankBankDepositsShare
Indiana1JPMorgan Chase$25.04 billion11.80%[2]
Indiana2PNC$16.86 billion7.95%[2]
Indiana3Old National$13.82 billion6.51%[2]
Indiana6First Merchants$11.67 billion5.50%[2]
Indianapolis1JPMorgan Chase$13.90 billion15.49%[3]
Indianapolis3Merchants Bank of Indiana$11.51 billion12.83%[3]
Indianapolis7First Merchants$4.97 billion5.54%[3]
Muncie1First Merchants$1.80 billion58.96%[4]
Michigan and Louisville

Who leads First Merchants' newer markets in Michigan and Louisville?

Branch deposits at June 30, 2025 (FDIC Summary of Deposits). First Savings Bank, shown separately, merged into First Merchants in 2026.

MarketRankBankDepositsShare
Michigan1JPMorgan Chase$62.95 billion20.73%[5]
Michigan2Huntington$37.45 billion12.33%[5]
Michigan3Comerica (now Fifth Third)$36.03 billion11.87%[5][7]
Michigan16First Merchants$2.53 billion0.83%[5]
Louisville1PNC$10.00 billion22.24%[6]
Louisville2JPMorgan Chase$7.41 billion16.48%[6]
Louisville8First Savings Bank (now First Merchants)$1.38 billion3.07%[6][60]
AI among First Merchants' largest rivals

What AI have First Merchants' largest Indiana rivals disclosed?

What the largest deposit holders in First Merchants' markets have put on the record about AI, against First Merchants' own record.

BankIndiana deposit rank (June 2025)AI disclosedDate
JPMorgan Chase1stLLM Suite for employees; a consumer travel agent targeted for pilot before the end of 2026February 2026[2][61][62]
Old National3rdAI Center of Excellence; Abrigo AI loan review (about 31% higher reviewer efficiency, vendor-reported)May and July 2026[2][26][27]
Fifth Third4thJeanie chatbot, named Best Chatbot of 2026; self-service containment from 3% to 42% since launchAugust 2026[2][31]
First Merchants6thMicrosoft Copilot across the organization; AI at mortgage intakeJune 2026[2][57]
Common questions

Who are First Merchants' biggest competitors?

In Indiana, JPMorgan Chase (11.80% of branch deposits), PNC (7.95%), Old National (6.51%), Fifth Third and Merchants Bank of Indiana were all larger at June 30, 2025; First Merchants ranked sixth with 5.50%. In Michigan, JPMorgan Chase, Huntington and Comerica lead. Its 10-K names national, regional and internet banks as its primary competitors.[2][5][1]

Is Old National a competitor of First Merchants?

Yes. Both are Indiana-based: Old National held $13.82 billion of Indiana deposits (6.51%) against First Merchants' $11.67 billion (5.50%) at June 30, 2025, and it also has offices in Muncie. On AI, Old National scores 66 on this site's index against First Merchants' 29.8.[2][4][26]

Is Chime a competitor of First Merchants?

By category, yes: First Merchants' 10-K names internet banks and nonbank competitors with lower cost structures, and Chime's own 10-K says its digital model gives it a cost advantage over traditional banks. Chime had 10.4 million active members at June 30, 2026. Neither company names the other.[1][11][9]

Who competes with First Merchants in Indianapolis?

JPMorgan Chase (15.49% of metro branch deposits), PNC (13.69%), Merchants Bank of Indiana (12.83%), Fifth Third, Huntington and First Internet Bank all held more Indianapolis deposits than First Merchants (5.54%, seventh) at June 30, 2025.[3]

Who competes with First Merchants in Louisville?

First Merchants entered the Louisville market by buying First Savings, which held $1.38 billion of metro deposits (eighth) at June 30, 2025. PNC led with 22.24%, then JPMorgan Chase, Stock Yards, Republic, Fifth Third and Truist.[6][8]

What are alternatives to First Merchants for small business banking?

Bank of America says it is the number one US small business lender (FDIC data), and Square sells payments, point-of-sale software and banking to sellers. First Merchants hired Kevin Knipp as director of small business banking in November 2025 to rebuild that experience.[12][10][13]

How does First Merchants compete with larger banks?

Its 10-K says its targeted clients value quality of service and convenient access to a broad range of products, and that many prefer an institution that makes decisions locally rather than outside the community. It holds 58.96% of deposits in its home town of Muncie.[1][4]

Is Fifth Third a competitor of First Merchants?

Yes. Fifth Third was fourth in Indiana with $13.08 billion of branch deposits and fourth in Indianapolis (7.27%) at June 30, 2025, and it absorbed Comerica, third in Michigan, where First Merchants also operates. Its Jeanie chatbot was named Best Chatbot of 2026.[2][3][5][7][31]

Who competes with First Merchants in Michigan?

JPMorgan Chase (20.73% of Michigan branch deposits), Huntington (12.33%), Comerica, now part of Fifth Third (11.87%), Bank of America (10.30%) and Flagstar (7.05%) led the state at June 30, 2025. First Merchants ranked 16th with $2.53 billion in 31 offices.[5][7]

Peers on this site
Old National AI strategy →How Old National Bancorp compares with its peers →First Financial Bank AI strategy →How First Financial Bancorp compares with its peers →Busey Bank AI strategy →How First Busey Corporation compares with its peers →Park National Bank AI strategy →How Park National Corporation compares with its peers →WesBanco AI strategy →How WesBanco compares with its peers →First Commonwealth Bank AI strategy →How First Commonwealth Financial Corporation compares with its peers →
Competitor pages on this site
JPMorgan AI strategy →Competitors of that bank →PNC AI strategy →Competitors of that bank →Old National AI strategy →Competitors of that bank →Fifth Third AI strategy →Competitors of that bank →Merchants Bank of Indiana AI strategy →Competitors of that bank →First Financial Bank AI strategy →Competitors of that bank →Huntington AI strategy →Competitors of that bank →Flagstar AI strategy →Competitors of that bank →Truist AI strategy →Competitors of that bank →Chime AI strategy →Block (Square, Cash App) AI strategy →Bank of America AI strategy →Competitors of that bank →Block (Square, Cash App) AI strategy →
Deeper on First Merchants
First Merchants AI strategy: the full profile →How First Merchants Corporation compares with its peers on AI →What is First Merchants' AI strategy? →What technology stack does First Merchants Bank run? →First Merchants AI profile →First Merchants vs peers on AI →Old National AI profile →JPMorgan Chase AI profile →Chime AI profile →AI disclosure index: the largest US banks ranked →Which banks lead in AI, topic by topic →
Sources
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    First Merchants Corporation (SEC filings) · Feb 25, 2026
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