Commitment to support immediate, reparative and transformative needs
First Merchants Corporation, Indiana’s second largest financial services holding company, today announced a $1 million commitment to local nonprofit organizations supporting communities negatively impacted by the COVID-19 pandemic.
“The negative economic impact caused by this pandemic cannot be overstated, and First Merchants is committed to doing everything we can to assist our communities during these difficult times,” said First Merchants CEO Michael C. Rechin. “Our success in recent years is a direct reflection of financial success and opportunity for our clients, teammates and the communities we serve. Our strength stems from their strength, and during this time of great need, our company stands strong and ready to provide additional support.”
The $1 million commitment will be distributed across communities within First Merchants regions throughout Indiana, Ohio, Illinois and Michigan. Regional presidents will request funds for nonprofit organizations in their communities with an emphasis on those serving on the frontlines of the response effort.
“First Merchants was founded to ensure our clients and communities had a trusted place for their money, and after more than 125 years in business, we remain more committed than ever to enhancing the ﬁnancial well-being of our communities,” said Board Chairman Charles E. Schalliol. “We give individuals and business owners the ﬁnancial tools they need to grow and thrive, which often goes beyond the transactional. This is one of those times.”
In March, First Merchants announced several initiatives designed to assist individual clients, including the ability to defer payments on installment and auto loans, mortgage loans and home equity loans for up to 90 days without impacting a credit report or incurring late fees. For the commercial sector, impacted clients can request modifications to conventional, SBA 504 and 7A commercial loans. Structures include principal deferrals, interest deferrals and other options.
First Merchants has assets of approximately $12.7 billion and operates approximately 130 banking offices in Indiana, Michigan, Ohio and Illinois.