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First Merchants (FRME) in Muncie, Ind., has reduced its ties to the Treasury Department's Small Business Lending Fund.
July 3 -
First Merchants in Muncie, Ind., was looking to get closer but not too close to the Chicago market when it agreed to buy CFS Bancorp of Munster, Ind.
May 13 -
Quarterly profit slid at First Merchants Corp (FRME) in Muncie, Ind., as interest income and revenue from loan sales fell.
October 24
First Merchants (FRME) in Muncie, Ind., has issued $70 million in debt to pay off a loan from Bank of America (BAC).
The $4.3 billion-asset company said in a regulatory filing Monday that it issued the debt to four unnamed institutional investors. The debt issuance, which mostly consists of a 6.75% interest rate for 10 years before converting to a floating rate, closed last week.
The company will use the proceeds to pay off a $55 million credit facility with B of A that was set to expire in 2015 and to redeem the preferred shares it issued to the Treasury Department through the Small Business Lending Fund. First Merchants has $34 million of preferred shares outstanding through the SBLF, which was launched in 2011 to help community banks fund small businesses. First Merchants
In May, First Merchants agreed to pay about $115 million to
First Merchants'
