Merchants National Corporation
| Merchants National Bank & Trust Company | |
| Public | |
| Traded as | NASDAQ: MCHN |
| Industry | Banking |
| Fate | Acquired by National City Corporation |
| Successor | National City Bank Indiana |
| Founded |
March 1865 as Merchants National Bank & Trust Company in Indianapolis |
| Defunct | May 2, 1992 |
| Headquarters | Indianapolis, Indiana, United States |
|
Area served
|
Indiana |
| Products | Financial Services |
| Total assets | $5.7 billion (1992) |
| Subsidiaries |
|
March 1865 as Merchants National Bank & Trust Company in Indianapolis
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.
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).
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.
Until July 1, 1985, the state of Indiana did not permit bank branching across county lines nor bank ownership outside the bank holding company's home county. After that date, Indiana allowed very limited branching but allowed the purchased of banks by holding companies anywhere in the state as long as total deposits that were controlled by any holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.
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.
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.
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Wikipedia