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Merchants National Corporation
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Merchants National Corporation
Merchants National Corporation (MNC) was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institutions 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 had been founded in 1865.
From the mid-1950s through the late 1980s, Merchants National Bank and Trust, American Fletcher National Bank, and Indiana National Bank, were the three largest banks in Indianapolis. Their holding companies—Merchants National Corporation, American Fletcher Corporation, and Indiana National Corporation (later named INB Financial Corporation)—were the three largest bank holding companies in the state.
To allow it to acquire other banks and other financial related businesses, Merchants National Bank & Trust Company formed a holding company named 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 did allow the purchase of banks by holding companies anywhere in the state as long as total deposits that were controlled by a holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.
MNC 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 and its Farmers National Bank subsidiary for an undisclosed amount. The acquisition was completed in January 1986.
In July 1985, MNC 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.
In September 1985, MNC announced the pending acquisition of the Greenfield-based Hancock Bancshares with its Hancock Bank & Trust Company subsidiary for $9.5 million in stock for the remaining 83% it did not owned after having purchased 17% of the firm in July. The acquisition was completed in April 1986.
In November 1985, MNC announced the pending acquisition of the Carmel-based US Bancorp with its Union State Bank subsidiary that was already controlled by the Frenzel family. The acquisition was completed in November 1986.
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Merchants National Corporation
Merchants National Corporation (MNC) was an Indianapolis-based statewide bank holding company that was one of the largest Indiana-based financial institutions 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 had been founded in 1865.
From the mid-1950s through the late 1980s, Merchants National Bank and Trust, American Fletcher National Bank, and Indiana National Bank, were the three largest banks in Indianapolis. Their holding companies—Merchants National Corporation, American Fletcher Corporation, and Indiana National Corporation (later named INB Financial Corporation)—were the three largest bank holding companies in the state.
To allow it to acquire other banks and other financial related businesses, Merchants National Bank & Trust Company formed a holding company named 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 did allow the purchase of banks by holding companies anywhere in the state as long as total deposits that were controlled by a holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.
MNC 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 and its Farmers National Bank subsidiary for an undisclosed amount. The acquisition was completed in January 1986.
In July 1985, MNC 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.
In September 1985, MNC announced the pending acquisition of the Greenfield-based Hancock Bancshares with its Hancock Bank & Trust Company subsidiary for $9.5 million in stock for the remaining 83% it did not owned after having purchased 17% of the firm in July. The acquisition was completed in April 1986.
In November 1985, MNC announced the pending acquisition of the Carmel-based US Bancorp with its Union State Bank subsidiary that was already controlled by the Frenzel family. The acquisition was completed in November 1986.
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