Banking on You Featuring First Merchants Bank

Described in one word, the motto at First Merchants Bank is “attentiveness.” To First Merchants Bank, being attentive means listening to customers, building a solution based on their short-term needs, and setting them up for long-term financial success. “Attentive banking is about more than just meeting transactional needs,” says Mark K Hardwick, CEO, First Merchants Bank. “It's about forging genuine connections, listening intently, and providing tailored solutions. As trusted advisors, we begin by understanding these businesses' specific needs and then building solutions to enhance their financial wellness.”

When Monica McQuieter of Detroit found herself in a dilapidated rental while faced with being the primary caregiver for her two grandchildren aged 8 and 17, she knew she needed help. She did the math and a mortgage of more than $800 would impact the quality of life for her grandchildren – and she was paying nearly twice that, for a house her landlord left neglected. Monica worked with Community Home Lender Tonjola Cole, who helped her apply for a Down Payment Assistance grant through First Merchants bank, as well as a City of Detroit grant. With the assistance of First Merchants, she was finally able to buy a home – with a monthly mortgage payment of $801.11, meeting her financial goals.

First Merchants Bank established Community Home Lending in order to better serve low- and middle-income customers, offering lower costs, more flexible loan terms, and acceptance of non-traditional credit history. For Monica, a home is more than a place to live. Owning her own home provides Monica and her grandchildren with a sense of security, and it’s a steppingstone to building future wealth. First Merchants built a strong relationship with Monica, and when it comes time for future upgrades like new windows and a new fence, she knows they will be there to support her again.

Errol Park was a math teacher in the Detroit area when he decided to start renovating houses for extra money. He soon gained a strong reputation in the industry, and he decided to go into construction full time. Starting his own business was a leap of faith – and he knew he couldn’t do it alone.

Errol’s wife encouraged him to follow his dream, but like many contractors, Errol couldn’t get started without a line of credit. “In the construction industry, you take on a $20,000 contract – you don’t get paid until the job is over,” says Errol Park of Jonmar Construction. “So you have to front that cost. You have to buy materials, pay for labor, whatever you need. So, if you need $15,000 to start a job and only have $5,000, you’re stuck.”

Errol turned to First Merchants Bank for a line of credit to cover his initial materials and labor costs. “The quality of his work is just outstanding,” said David Watkins, Community Business Lender at First Merchants Bank. “And he’s always willing to step in and help his community.”

David helps manage a First Merchants program that helps seniors and those struggling financially to afford home repairs by connecting them with grants. The program relies on a list of contractors who are willing to wait for grant funds to come through before they receive a paycheck, and Errol is now one of the longest-serving contractors on that list. “Go ahead, but you have to put your whole heart into it,” says Errol. “If you have a setback, you can’t just give up – you have to keep going.”

First Merchants Bank credits their 130 years of experience for their continued success in helping their customers prosper. They operate on the premise that what matters isn’t only the breadth of a bank’s offerings – it’s also the depth of its relationships.