First Merchants, Lincoln Bancorp combine in cash-and-stock deal

By Lisa Kerner

Charlotte, N.C., Jan. 2 - First Merchants Corp. completed its $78 million acquisition of Lincoln Bancorp first announced in September.

Under the company's merger agreement, Lincoln Bancorp shareholders could elect to receive either 0.7004 shares of First Merchants common stock or $15.76 in cash for each Lincoln Bancorp common share owned, for a total of about 3,040,460 shares of First Merchants common stock and $16.8 million in cash, it was reported in a form 8-K filed with the Securities and Exchange Commission.

First Merchants said the cash elections will be proportionately converted into elections to receive stock in accordance with the terms of the agreement.

Lincoln Bancorp is the holding company for Lincoln Bank, both of which are based in Plainfield, Ind.

First Merchants is a financial services holding company based in Muncie, Ind. It operates four bank subsidiaries: First Merchants Bank, First Merchants Bank of Central Indiana, Lafayette Bank & Trust Co. and Commerce National Bank in Columbus, Ohio.

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