# First Merchants Corporation competitors: and the alternatives

Source: https://www.bankingnewsai.com/banks/first-merchants/competitors
Last updated: Oct 20, 2026

*Part of the [First Merchants Corporation AI strategy profile](https://www.bankingnewsai.com/banks/first-merchants). Peer group: Old National Bancorp, First Financial Bancorp, First Busey Corporation, Park National Corporation, WesBanco, First Commonwealth Financial Corporation.*

## 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A34620+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Fifth Third](https://53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-09-08.html), [American Banker](https://americanbanker.com/news/first-merchants-deal-secures-a-louisville-beachhead), [Chime](https://investors.chime.com/news-releases/news-release-details/chime-reports-second-quarter-2026-financial-results), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm))

## 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." ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm))

"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." ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm))

"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." ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm))

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.) ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm))

## Who competes with First Merchants in each of its businesses?

| Business line | Competitor | Type | Why it competes |
| --- | --- | --- | --- |
| Home region: Indiana | [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Bank | The 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Home region: Indiana | [PNC](https://www.bankingnewsai.com/banks/pnc) | Bank | Second 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Home region: Indiana | [Old National Bancorp](https://www.bankingnewsai.com/banks/old-national) | Bank | Evansville-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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A34620+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Home region: Indiana | [Fifth Third Bancorp](https://www.bankingnewsai.com/banks/fifth-third) | Bank | Fourth 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Fifth Third](https://53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-09-08.html)) |
| Home region: Indiana | [Merchants Bank of Indiana](https://www.bankingnewsai.com/banks/merchants-indiana) | Bank | Carmel-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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Home region: Indiana | [First Financial Bancorp](https://www.bankingnewsai.com/banks/first-financial-ohio) | Bank | Cincinnati-based First Financial Bank held $6.20 billion of Indiana deposits, tenth in the state, at June 30, 2025. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Commercial banking in Michigan, Ohio and Louisville | [Huntington Bancshares](https://www.bankingnewsai.com/banks/huntington) | Bank | Huntington 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Commercial banking in Michigan, Ohio and Louisville | [Flagstar](https://www.bankingnewsai.com/banks/flagstar) | Bank | Flagstar held $21.42 billion of Michigan deposits in 101 offices at June 30, 2025, fifth in the state. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Commercial banking in Michigan, Ohio and Louisville | [Truist](https://www.bankingnewsai.com/banks/truist) | Bank | Truist 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [American Banker](https://americanbanker.com/news/first-merchants-deal-secures-a-louisville-beachhead)) |
| Retail deposits and everyday digital banking | [Chime](https://www.bankingnewsai.com/fintech/chime) | Fintech | An 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [Chime via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1795586/000179558626000013/chym-20251231.htm), [Chime](https://investors.chime.com/news-releases/news-release-details/chime-reports-second-quarter-2026-financial-results)) |
| Retail deposits and everyday digital banking | [Cash App (Block)](https://www.bankingnewsai.com/fintech/block) | Fintech | First 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm)) |
| Retail deposits and everyday digital banking | Credit unions in Indiana, Ohio and Michigan | Credit union | First Merchants' 10-K names credit unions among the institutions it competes with across its operations. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm)) |
| Small business banking and merchant services | [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Bank | Bank 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. ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [First Merchants Bank](https://firstmerchants.com/why-us/news/news-detail/2025/11/17/kevin-knipp-joins-first-merchants-bank-to-revolutionize-the-small-business-banking-experience)) |
| Small business banking and merchant services | [Square (Block)](https://www.bankingnewsai.com/fintech/block) | Payments company | Block'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. ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [First Merchants Bank](https://firstmerchants.com/why-us/news/news-detail/2025/11/17/kevin-knipp-joins-first-merchants-bank-to-revolutionize-the-small-business-banking-experience)) |

## 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.

| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
| --- | --- | --- | --- |
| [First Merchants Corporation (this page)](https://www.bankingnewsai.com/banks/first-merchants) | Not disclosed | [Index 29.8 (#88); 11 use cases, 9 in production](https://www.bankingnewsai.com/banks/first-merchants) | CEO succession: Stewart to replace Hardwick on 1 January 2027 (Oct 1, 2026) ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000067/frme-20261001.htm), [First Merchants Bank](https://firstmerchants.com/why-us/news/2026/10/01/first-merchants-bank-ceo-mark-hardwick-to-retire-at-the-end-of-2026-and-president-mike-stewart-to-become-president-and-ceo)) |
| [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | LLM Suite ([American Banker](https://www.americanbanker.com/news/how-jpmorganchase-democratized-employee-access-to-gen-ai), [American Banker](https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management)) | [Index 89 (#6); 15 use cases, 8 in production](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026) ([CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [American Banker](https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents)) |
| [PNC](https://www.bankingnewsai.com/banks/pnc) | PNC AI factory ([American Banker](https://www.americanbanker.com/news/why-pnc-is-building-its-own-ai-factory), [American Banker](https://www.americanbanker.com/news/pncs-solution-to-rising-ai-costs-build-its-own-ai), [PNC via FT Markets](https://markets.ft.com/data/announce/detail?dockey=600-202607070807PR_NEWS_USPRX____NE98867-1), [Investing.com](https://uk.investing.com/news/stock-market-news/pnc-at-barclays-conference-growth-ai-and-branch-push-93CH-4868299)) | [Index 68.2 (#38); 14 use cases, 8 in production](https://www.bankingnewsai.com/banks/pnc) | Head of ATM Banking hired with an AI mandate (Sep 25, 2026) ([Columbus Business First (bizjournals.com)](https://www.bizjournals.com/columbus/potmsearch/detail/submission/6578669/Mark_Williamson)) |
| [Old National Bancorp](https://www.bankingnewsai.com/banks/old-national) | AI Center of Excellence; Abrigo AI loan review with about 31% higher reviewer efficiency (vendor-reported) ([Old National Bank](https://www.oldnational.com/resources/insights/how-cfos-can-drive-real-returns-from-ai-investments), [Abrigo](https://www.abrigo.com/success-stories/how-old-national-bank-increased-loan-review-efficiency-and-capacity-with-ai-powered-workflow-intelligence/)) | [Index 66 (#40); 14 use cases, 10 in production](https://www.bankingnewsai.com/banks/old-national) | Q2 2026 10-Q has no AI language (Jul 29, 2026) ([Old National Bancorp (SEC filings)](https://www.sec.gov/Archives/edgar/data/707179/000070717926000046/onb-20260630.htm), [Old National Bancorp (SEC filings)](https://www.sec.gov/Archives/edgar/data/707179/000070717926000038/onb-20260331.htm), [Old National Bancorp](https://ir.oldnational.com/news/press-releases/press-release-details/2026/Old-National-Bancorp-Reports-Record-Second-Quarter-2026-Results-Announces-Enhanced-Executive-Leadership-Structure)) |
| [Fifth Third Bancorp](https://www.bankingnewsai.com/banks/fifth-third) | Jeanie chatbot, named Best Chatbot of 2026 ([Fifth Third](https://www.53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-08-12.html)) | [Index 84 (#14); 13 use cases, 10 in production](https://www.bankingnewsai.com/banks/fifth-third) | AI chief Jay Budzik describes the lending-model upgrade (Oct 12, 2026) ([Northwestern McCormick School of Engineering](https://mccormick.northwestern.edu/computer-science/news-events/news/articles/2026/alum-spotlight-jay-budzik.html)) |
| [Merchants Bank of Indiana](https://www.bankingnewsai.com/banks/merchants-indiana) | Not disclosed | [Index 1.8 (#118); 12 use cases, 10 in production](https://www.bankingnewsai.com/banks/merchants-indiana) | Blue Sage reports 200%+ jumbo correspondent volume growth (Aug 27, 2026) ([Blue Sage Solutions](https://bluesageusa.com/news/merchants-bank-grows-jumbo-correspondent-lending-volume-over-200-with-blue-sage)) |
| [First Financial Bancorp](https://www.bankingnewsai.com/banks/first-financial-ohio) | Not disclosed | [Index 4.4 (#105); 11 use cases, 8 in production](https://www.bankingnewsai.com/banks/first-financial-ohio) | Succession reshuffle: Anderson president, former CIO Myers COO (Sep 14, 2026) ([First Financial Bancorp (SEC filings)](https://www.sec.gov/Archives/edgar/data/708955/000070895526000155/ffbc-20260914.htm), [American Banker](https://www.americanbanker.com/news/after-year-of-rapid-growth-ohio-bank-revamps-its-top-ranks)) |
| [Huntington Bancshares](https://www.bankingnewsai.com/banks/huntington) | Agentic process transformation, run from finance ([Fortune](https://fortune.com/2026/04/24/huntington-bancshares-cfo-ai-strategist/), [American Banker](https://www.americanbanker.com/news/huntington-banks-plan-to-obtain-a-return-on-generative-ai), [The Wall Street Journal (Deloitte CFO Journal)](https://deloitte.wsj.com/cfo/banking-on-ai-huntingtons-cfo-on-innovation-and-risk-oversight-80b35afb)) | [Index 84.2 (#13); 17 use cases, 15 in production](https://www.bankingnewsai.com/banks/huntington) | Named a Coverbase enterprise customer (Sep 29, 2026) ([Coverbase (GlobeNewswire)](https://www.globenewswire.com/news-release/2026/09/29/3370991/0/en/coverbase-adds-third-party-risk-veterans-as-enterprise-adoption-accelerates.html)) |
| [Flagstar](https://www.bankingnewsai.com/banks/flagstar) | Flagstar S2 Platform and StarIQ ([Flagstar Bank](https://ir.flagstar.com/news-and-events/news-releases/press-release-details/2026/FLAGSTAR-BANK-ANNOUNCES-PROPRIETARY-TECHNOLOGY-TRANSFORMATION/default.aspx), [Banking Dive](https://www.bankingdive.com/news/flagstar-cio-chris-higgins-s2-stariq-proprietary-tech-platform-ai/823404/), [American Banker](https://www.americanbanker.com/news/how-flagstar-bank-integrated-its-acquired-data-centers)) | [Index 65.3 (#41); 14 use cases, 8 in production](https://www.bankingnewsai.com/banks/flagstar) | Third-quarter 2026 results set for 23 October (Oct 9, 2026) ([Flagstar Bank (PR Newswire)](https://prnewswire.com/news-releases/flagstar-bank-na-to-report-third-quarter-2026-earnings-and-host-conference-call-on-october-23rd-302902712.html)) |
| [Truist](https://www.bankingnewsai.com/banks/truist) | Truist Insights and the 'digital teammates' ([Truist via FT Markets](https://markets.ft.com/data/announce/detail?dockey=600-202609030730PR_NEWS_USPRX____CL39481-1), [American Banker](https://www.americanbanker.com/news/the-truist-cio-is-34-on-the-most-innovative-people-in-finance-ranking)) | [Index 82.6 (#16); 15 use cases, 13 in production](https://www.bankingnewsai.com/banks/truist) | Mid-table on AI-judged reputation (Sep 18, 2026) ([American Banker](https://www.americanbanker.com/opinion/people-use-ai-to-gauge-banks-reputations-and-its-verdicts-are-harsh)) |
| [Chime](https://www.bankingnewsai.com/fintech/chime) | Jade, an in-app AI financial partner available to some members ([Chime](https://help.chime.com/manage-money-56350c4d/jade-financial-partner-09a6e8e3/what-is-jade-financial-partner-d9c77341)) | [8 use cases, 6 in production](https://www.bankingnewsai.com/fintech/chime) | Agreement to acquire Stride Bank (Sep 8, 2026) ([Chime](https://investors.chime.com/news-releases/news-release-details/chime-announces-agreement-acquire-stride-bank)) |
| [Cash App (Block)](https://www.bankingnewsai.com/fintech/block) | Moneybot consumer agent: over 1 million weekly engaged accounts (June 30, 2026) ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm)) | [7 use cases, 6 in production](https://www.bankingnewsai.com/fintech/block) | Q2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026) ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm)) |
| Credit unions in Indiana, Ohio and Michigan | Not disclosed | No profile | Not disclosed |
| [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Erica (and EricaAssist) ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html), [Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/07/bank-of-america-enhances-ericaassist-with-generative-ai-to-help-.html), [American Banker](https://www.americanbanker.com/news/how-bank-of-americas-erica-does-the-work-of-11-000-people)) | [Index 97.3 (#1); 18 use cases, 16 in production](https://www.bankingnewsai.com/banks/bank-of-america) | Treasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026) ([U.S. Department of the Treasury](https://home.treasury.gov/news/press-releases/sb0657), [Office of the Comptroller of the Currency](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html), [Banking Dive](https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915)) |
| [Square (Block)](https://www.bankingnewsai.com/fintech/block) | Managerbot, an AI business agent for Square sellers ([Square](https://squareup.com/us/en/press/managerbot-open-beta)) | [7 use cases, 6 in production](https://www.bankingnewsai.com/fintech/block) | Q2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026) ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm)) |

## Who should look beyond First Merchants, and where?

| If you are | Look at | Why |
| --- | --- | --- |
| Customers who want an AI virtual assistant in the banking app | [Fifth Third (Jeanie) or Busey (Glia virtual assistants)](https://www.bankingnewsai.com/banks/fifth-third) | 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. ([Louisville Business First](https://www.bizjournals.com/louisville/news/2026/06/05/executive-insights-experts-crypto-ai-business-bank.html), [Fifth Third](https://www.53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-08-12.html), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [The Financial Brand](https://thefinancialbrand.com/news/checking-accounts/build-relationships-checking-no-longer-promises-primacy-195883)) |
| People who need branches outside Indiana, Ohio and Michigan | [JPMorgan Chase or PNC](https://www.bankingnewsai.com/banks/jpmorgan-chase) | First 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Customers who want a branchless, app-only account | [Chime](https://www.bankingnewsai.com/fintech/chime) | First 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [Chime](https://investors.chime.com/news-releases/news-release-details/chime-reports-second-quarter-2026-financial-results), [Chime](https://help.chime.com/manage-money-56350c4d/jade-financial-partner-09a6e8e3/what-is-jade-financial-partner-d9c77341)) |
| Indianapolis customers who want the largest local branch networks | [JPMorgan Chase or PNC](https://www.bankingnewsai.com/banks/jpmorgan-chase) | In 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Sellers who want card acceptance and point-of-sale software from one provider | [Square (Block)](https://www.bankingnewsai.com/fintech/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. ([Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [Square](https://squareup.com/us/en/press/managerbot-open-beta), [First Merchants Bank](https://firstmerchants.com/why-us/news/news-detail/2025/11/17/kevin-knipp-joins-first-merchants-bank-to-revolutionize-the-small-business-banking-experience)) |

## 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.

| Market | Rank | Bank | Deposits | Share |
| --- | --- | --- | --- | --- |
| Indiana | 1 | JPMorgan Chase | $25.04 billion | 11.80% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Indiana | 2 | PNC | $16.86 billion | 7.95% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Indiana | 3 | Old National | $13.82 billion | 6.51% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Indiana | 6 | First Merchants | $11.67 billion | 5.50% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Indianapolis | 1 | JPMorgan Chase | $13.90 billion | 15.49% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Indianapolis | 3 | Merchants Bank of Indiana | $11.51 billion | 12.83% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Indianapolis | 7 | First Merchants | $4.97 billion | 5.54% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Muncie | 1 | First Merchants | $1.80 billion | 58.96% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A34620+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |

## 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.

| Market | Rank | Bank | Deposits | Share |
| --- | --- | --- | --- | --- |
| Michigan | 1 | JPMorgan Chase | $62.95 billion | 20.73% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Michigan | 2 | Huntington | $37.45 billion | 12.33% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Michigan | 3 | Comerica (now Fifth Third) | $36.03 billion | 11.87% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Fifth Third](https://53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-09-08.html)) |
| Michigan | 16 | First Merchants | $2.53 billion | 0.83% ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Louisville | 1 | PNC | $10.00 billion | 22.24% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Louisville | 2 | JPMorgan Chase | $7.41 billion | 16.48% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000)) |
| Louisville | 8 | First Savings Bank (now First Merchants) | $1.38 billion | 3.07% ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000013/frme-20260202.htm)) |

## 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.

| Bank | Indiana deposit rank (June 2025) | AI disclosed | Date |
| --- | --- | --- | --- |
| JPMorgan Chase | 1st | LLM Suite for employees; a consumer travel agent targeted for pilot before the end of 2026 | February 2026 ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2026-company-updates/company-update-chairman-ceo-transcript.pdf), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-chase-lake-agentic-ai-commerce-adoption/822426)) |
| Old National | 3rd | AI Center of Excellence; Abrigo AI loan review (about 31% higher reviewer efficiency, vendor-reported) | May and July 2026 ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Old National Bank](https://www.oldnational.com/resources/insights/how-cfos-can-drive-real-returns-from-ai-investments), [Abrigo](https://www.abrigo.com/success-stories/how-old-national-bank-increased-loan-review-efficiency-and-capacity-with-ai-powered-workflow-intelligence/)) |
| Fifth Third | 4th | Jeanie chatbot, named Best Chatbot of 2026; self-service containment from 3% to 42% since launch | August 2026 ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Fifth Third](https://www.53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-08-12.html)) |
| First Merchants | 6th | Microsoft Copilot across the organization; AI at mortgage intake | June 2026 ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Louisville Business First](https://www.bizjournals.com/louisville/news/2026/06/05/executive-insights-experts-crypto-ai-business-bank.html)) |

## 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm))

### 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A34620+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Old National Bank](https://www.oldnational.com/resources/insights/how-cfos-can-drive-real-returns-from-ai-investments))

### 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [Chime via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1795586/000179558626000013/chym-20251231.htm), [Chime](https://investors.chime.com/news-releases/news-release-details/chime-reports-second-quarter-2026-financial-results))

### 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000))

### 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [American Banker](https://americanbanker.com/news/first-merchants-deal-secures-a-louisville-beachhead))

### 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. ([Bank of America Newsroom](https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html), [Block, Inc. via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm), [First Merchants Bank](https://firstmerchants.com/why-us/news/news-detail/2025/11/17/kevin-knipp-joins-first-merchants-bank-to-revolutionize-the-small-business-banking-experience))

### 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. ([First Merchants Corporation (SEC filings)](https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A34620+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000))

### 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Fifth Third](https://53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-09-08.html), [Fifth Third](https://www.53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-08-12.html))

### 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. ([FDIC](https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000), [Fifth Third](https://53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-09-08.html))

## Peers on this site

- [Old National Bancorp AI strategy](https://www.bankingnewsai.com/banks/old-national) · [vs peers](https://www.bankingnewsai.com/banks/old-national/vs-peers)
- [First Financial Bancorp AI strategy](https://www.bankingnewsai.com/banks/first-financial-ohio) · [vs peers](https://www.bankingnewsai.com/banks/first-financial-ohio/vs-peers)
- [First Busey Corporation AI strategy](https://www.bankingnewsai.com/banks/busey) · [vs peers](https://www.bankingnewsai.com/banks/busey/vs-peers)
- [Park National Corporation AI strategy](https://www.bankingnewsai.com/banks/park-national) · [vs peers](https://www.bankingnewsai.com/banks/park-national/vs-peers)
- [WesBanco AI strategy](https://www.bankingnewsai.com/banks/wesbanco) · [vs peers](https://www.bankingnewsai.com/banks/wesbanco/vs-peers)
- [First Commonwealth Financial Corporation AI strategy](https://www.bankingnewsai.com/banks/first-commonwealth) · [vs peers](https://www.bankingnewsai.com/banks/first-commonwealth/vs-peers)

## Sources

1. First Merchants Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2025 — First Merchants Corporation (SEC filings), Feb 25, 2026. https://www.sec.gov/Archives/edgar/data/712534/000071253426000022/frme-20251231.htm
2. Summary of Deposits: branch deposits in Indiana, June 30, 2025 (BankFind API query, all institutions) — FDIC, Jun 30, 2025. https://api.fdic.gov/banks/sod?filters=STALPBR%3AIN+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000
3. Summary of Deposits: branch deposits in the Indianapolis metropolitan area (CBSA 26900), June 30, 2025 (BankFind API query) — FDIC, Jun 30, 2025. https://api.fdic.gov/banks/sod?filters=MSABR%3A26900+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000
4. Summary of Deposits: branch deposits in the Muncie metropolitan area (CBSA 34620), June 30, 2025 (BankFind API query) — FDIC, Jun 30, 2025. https://api.fdic.gov/banks/sod?filters=MSABR%3A34620+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000
5. Summary of Deposits: branch deposits in Michigan, June 30, 2025 (BankFind API query, all institutions) — FDIC, Jun 30, 2025. https://api.fdic.gov/banks/sod?filters=STALPBR%3AMI+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000
6. Summary of Deposits: branch deposits in the Louisville metropolitan area (CBSA 31140), June 30, 2025 (BankFind API query) — FDIC, Jun 30, 2025. https://api.fdic.gov/banks/sod?filters=MSABR%3A31140+AND+YEAR%3A2025&fields=NAMEFULL%2CDEPSUMBR%2CCERT&limit=10000
7. Fifth Third Completes Comerica Technology and Brand Conversion — Fifth Third, Sep 8, 2026. https://53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-09-08.html
8. First Merchants deal secures a Louisville beachhead — American Banker, Sep 25, 2025. https://americanbanker.com/news/first-merchants-deal-secures-a-louisville-beachhead
9. Chime Reports Second Quarter 2026 Financial Results — Chime, Aug 5, 2026. https://investors.chime.com/news-releases/news-release-details/chime-reports-second-quarter-2026-financial-results
10. Block, Inc. Annual Report 2025 (Form 10-K) — Block, Inc. via SEC EDGAR, Feb 26, 2026. https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm
11. Chime Financial, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025 — Chime via SEC EDGAR, Mar 6, 2026. https://www.sec.gov/Archives/edgar/data/1795586/000179558626000013/chym-20251231.htm
12. Bank of America Fast Facts (undated page, retrieved 2026-10-19) — Bank of America Newsroom, Oct 19, 2026. https://newsroom.bankofamerica.com/content/newsroom/company-overview/bank-of-america-fast-facts.html
13. Kevin Knipp Joins First Merchants Bank to Revolutionize the Small Business Banking Experience — First Merchants Bank, Nov 17, 2025. https://firstmerchants.com/why-us/news/news-detail/2025/11/17/kevin-knipp-joins-first-merchants-bank-to-revolutionize-the-small-business-banking-experience
14. First Merchants Corporation Form 8-K: CEO retirement and succession — First Merchants Corporation (SEC filings), Oct 1, 2026. https://www.sec.gov/Archives/edgar/data/712534/000071253426000067/frme-20261001.htm
15. First Merchants Bank CEO Mark Hardwick to Retire at the End of 2026 and President Mike Stewart to Become President and CEO — First Merchants Bank, Oct 1, 2026. https://firstmerchants.com/why-us/news/2026/10/01/first-merchants-bank-ceo-mark-hardwick-to-retire-at-the-end-of-2026-and-president-mike-stewart-to-become-president-and-ceo
16. How JPMorganChase democratized employee access to gen AI — American Banker, May 22, 2025. https://www.americanbanker.com/news/how-jpmorganchase-democratized-employee-access-to-gen-ai
17. Driving AI Use Cases and Adoption (Women in Banking 2025 session) — American Banker, Oct 21, 2025. https://www.americanbanker.com/video/wib-2025/driving-ai-use-cases-and-adoption-aligning-business-value-data-readiness-and-risk-management
18. JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts — CNBC, Oct 13, 2026. https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html
19. JPMorgan CEO Dimon warns customers of 'liability transfer' with AI — Banking Dive, Oct 13, 2026. https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870
20. JPMorgan warns of risks to consumers who rely on AI agents — American Banker, Oct 13, 2026. https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents
21. Why PNC is building its own 'AI factory' — American Banker, Jun 11, 2026. https://www.americanbanker.com/news/why-pnc-is-building-its-own-ai-factory
22. PNC's solution to rising AI costs: build its own AI — American Banker, Jun 12, 2026. https://www.americanbanker.com/news/pncs-solution-to-rising-ai-costs-build-its-own-ai
23. PNC's New Mobile App Delivers an Intuitive, Personalized Experience to Help Clients Seamlessly Manage Their Day-to-Day Financial Lives — PNC via FT Markets, Jul 7, 2026. https://markets.ft.com/data/announce/detail?dockey=600-202607070807PR_NEWS_USPRX____NE98867-1
24. PNC at Barclays conference: growth, AI and branch push (transcript) — Investing.com, Sep 14, 2026. https://uk.investing.com/news/stock-market-news/pnc-at-barclays-conference-growth-ai-and-branch-push-93CH-4868299
25. Mark Williamson hired as Head of ATM Banking — Columbus Business First (bizjournals.com), Sep 25, 2026. https://www.bizjournals.com/columbus/potmsearch/detail/submission/6578669/Mark_Williamson
26. How CFOs Can Drive Real Returns From AI Investments — Old National Bank, May 19, 2026. https://www.oldnational.com/resources/insights/how-cfos-can-drive-real-returns-from-ai-investments
27. Old National Bank increased loan review efficiency and capacity with Abrigo — Abrigo, Jul 7, 2026. https://www.abrigo.com/success-stories/how-old-national-bank-increased-loan-review-efficiency-and-capacity-with-ai-powered-workflow-intelligence/
28. Old National Bancorp Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 — Old National Bancorp (SEC filings), Jul 29, 2026. https://www.sec.gov/Archives/edgar/data/707179/000070717926000046/onb-20260630.htm
29. Old National Bancorp Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 — Old National Bancorp (SEC filings), Apr 29, 2026. https://www.sec.gov/Archives/edgar/data/707179/000070717926000038/onb-20260331.htm
30. Old National Bancorp Reports Record Second Quarter 2026 Results; Announces Enhanced Executive Leadership Structure — Old National Bancorp, Jul 22, 2026. https://ir.oldnational.com/news/press-releases/press-release-details/2026/Old-National-Bancorp-Reports-Record-Second-Quarter-2026-Results-Announces-Enhanced-Executive-Leadership-Structure
31. Fifth Third's Jeanie Named Best Chatbot by Tearsheet AI Innovation Awards — Fifth Third, Aug 12, 2026. https://www.53.com/content/fifth-third/en/media-center/press-releases/2026/press-release-2026-08-12.html
32. Alum Spotlight: Jay Budzik (PhD '03) — Northwestern McCormick School of Engineering, Oct 12, 2026. https://mccormick.northwestern.edu/computer-science/news-events/news/articles/2026/alum-spotlight-jay-budzik.html
33. Merchants Bank Grows Jumbo Correspondent Lending Volume Over 200% with Blue Sage — Blue Sage Solutions, Aug 27, 2026. https://bluesageusa.com/news/merchants-bank-grows-jumbo-correspondent-lending-volume-over-200-with-blue-sage
34. First Financial Bancorp. Form 8-K (Item 5.02: appointment of President, Chief Banking Officer and Chief Operating Officer) — First Financial Bancorp (SEC filings), Sep 15, 2026. https://www.sec.gov/Archives/edgar/data/708955/000070895526000155/ffbc-20260914.htm
35. After year of rapid growth, Ohio bank revamps its top ranks — American Banker, Sep 22, 2026. https://www.americanbanker.com/news/after-year-of-rapid-growth-ohio-bank-revamps-its-top-ranks
36. At Huntington Bancshares, the CFO is also the AI strategist — Fortune, Apr 24, 2026. https://fortune.com/2026/04/24/huntington-bancshares-cfo-ai-strategist/
37. Huntington Bank's plan to obtain a return on gen AI — American Banker, Sep 11, 2025. https://www.americanbanker.com/news/huntington-banks-plan-to-obtain-a-return-on-generative-ai
38. Banking on AI: Huntington's CFO on Innovation and Risk Oversight — The Wall Street Journal (Deloitte CFO Journal), Sep 15, 2025. https://deloitte.wsj.com/cfo/banking-on-ai-huntingtons-cfo-on-innovation-and-risk-oversight-80b35afb
39. Coverbase Adds Third-Party Risk Veterans as Enterprise Adoption Accelerates — Coverbase (GlobeNewswire), Sep 29, 2026. https://www.globenewswire.com/news-release/2026/09/29/3370991/0/en/coverbase-adds-third-party-risk-veterans-as-enterprise-adoption-accelerates.html
40. Flagstar Bank Announces Proprietary Technology Transformation — Flagstar Bank, Jun 15, 2026. https://ir.flagstar.com/news-and-events/news-releases/press-release-details/2026/FLAGSTAR-BANK-ANNOUNCES-PROPRIETARY-TECHNOLOGY-TRANSFORMATION/default.aspx
41. Flagstar CIO: Proprietary tech creates 'optionality' — Banking Dive, Jun 22, 2026. https://www.bankingdive.com/news/flagstar-cio-chris-higgins-s2-stariq-proprietary-tech-platform-ai/823404/
42. How Flagstar Bank integrated its acquired data centers — American Banker, Jun 30, 2026. https://www.americanbanker.com/news/how-flagstar-bank-integrated-its-acquired-data-centers
43. Flagstar Bank, N.A. to Report Third Quarter 2026 Earnings and Host Conference Call on October 23rd — Flagstar Bank (PR Newswire), Oct 9, 2026. https://prnewswire.com/news-releases/flagstar-bank-na-to-report-third-quarter-2026-earnings-and-host-conference-call-on-october-23rd-302902712.html
44. Truist delivers 2 billion AI-powered proactive insights — Truist via FT Markets, Sep 3, 2026. https://markets.ft.com/data/announce/detail?dockey=600-202609030730PR_NEWS_USPRX____CL39481-1
45. Steve Hagerman's agentic vision for Truist's future — American Banker, Jun 1, 2026. https://www.americanbanker.com/news/the-truist-cio-is-34-on-the-most-innovative-people-in-finance-ranking
46. People use AI to gauge banks' reputations, and its verdicts are harsh — American Banker, Sep 18, 2026. https://www.americanbanker.com/opinion/people-use-ai-to-gauge-banks-reputations-and-its-verdicts-are-harsh
47. What is Jade Financial Partner? (help centre, retrieved 2026-09-23) — Chime, Sep 23, 2026. https://help.chime.com/manage-money-56350c4d/jade-financial-partner-09a6e8e3/what-is-jade-financial-partner-d9c77341
48. Chime Announces Agreement to Acquire Stride Bank — Chime, Sep 8, 2026. https://investors.chime.com/news-releases/news-release-details/chime-announces-agreement-acquire-stride-bank
49. Q2 2026 Shareholder Letter (Exhibit 99.1 to Form 8-K) — Block, Inc. via SEC EDGAR, Aug 5, 2026. https://www.sec.gov/Archives/edgar/data/1512673/000119312526335117/d91486dex991.htm
50. A Decade of AI Innovation: BofA's Virtual Assistant Erica Surpasses 3 Billion Client Interactions — Bank of America Newsroom, Aug 1, 2025. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2025/08/a-decade-of-ai-innovation--bofa-s-virtual-assistant-erica-surpas.html
51. Bank of America Enhances EricaAssist with Generative AI — Bank of America Newsroom, Jul 21, 2026. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/07/bank-of-america-enhances-ericaassist-with-generative-ai-to-help-.html
52. How Bank of America's Erica does the work of 11,000 people — American Banker, Jan 22, 2026. https://www.americanbanker.com/news/how-bank-of-americas-erica-does-the-work-of-11-000-people
53. U.S. Treasury Announces Record Enforcement Actions Against Bank of America — U.S. Department of the Treasury, Oct 13, 2026. https://home.treasury.gov/news/press-releases/sb0657
54. OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance — Office of the Comptroller of the Currency, Oct 13, 2026. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html
55. BofA fined $1.21 billion over AML — Banking Dive, Oct 13, 2026. https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915
56. Square Brings Managerbot to More Sellers, Giving Main Street an Intelligent Business Agent — Square, Apr 28, 2026. https://squareup.com/us/en/press/managerbot-open-beta
57. Executive Insights: Experts weigh in on state of crypto, AI and what the business community needs most from banks right now — Louisville Business First, Jun 5, 2026. https://www.bizjournals.com/louisville/news/2026/06/05/executive-insights-experts-crypto-ai-business-bank.html
58. Building Relationships When Checking No Longer Confers Primacy — The Financial Brand, Feb 24, 2026. https://thefinancialbrand.com/news/checking-accounts/build-relationships-checking-no-longer-promises-primacy-195883
59. JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025 — JPMorgan Chase & Co. (SEC filings), Feb 13, 2026. https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm
60. First Merchants Corporation Form 8-K: completion of First Savings Financial Group merger — First Merchants Corporation (SEC filings), Feb 2, 2026. https://www.sec.gov/Archives/edgar/data/712534/000071253426000013/frme-20260202.htm
61. 2026 Company Update Transcript - Chairman and CEO Q&A — JPMorganChase, Feb 25, 2026. https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2026-company-updates/company-update-chairman-ceo-transcript.pdf
62. JPMorgan's Lake sees longer road to agentic commerce adoption — Banking Dive, Jun 10, 2026. https://www.bankingdive.com/news/jpmorgan-chase-lake-agentic-ai-commerce-adoption/822426

---

Canonical page: https://www.bankingnewsai.com/banks/first-merchants/competitors
Part of [BankingNewsAI](https://www.bankingnewsai.com/). Markdown versions of every reference page: append `.md` to the page URL; index at https://www.bankingnewsai.com/llms.txt.