First Merchants Corporation CEO Mark Hardwick will retire at the end of 2026 after 29 years with the bank, with current First Merchants Bank President Mike Stewart set to become President and CEO at the beginning of 2027.
Hardwick’s tenure included 18 acquisitions and a period of significant expansion for First Merchants.
The 133-year-old financial institution has nearly 300,000 clients, 126 locations across three states and approximately 2,200 employees, according to the leadership transition announcement.
Stewart has spent more than 18 years with First Merchants and currently serves as President of First Merchants Bank.
His appointment provides an internal succession as the company continues focusing on organic growth, technology, customer relationships, and expanded products across its Midwestern markets.
Stewart is also active across a range of Indianapolis and Indiana organizations.
He currently serves on the boards of the Indianapolis Neighborhood Housing Partnership, Greater Indianapolis Progress Committee, Indy Chamber, Indiana Chamber, Park Tudor Foundation and Second Presbyterian Foundation.
He also participates in Streets to Home Indy, the Indiana Bankers Association and the American Heart Association and previously served as Chairman of the Board of Bosma Industries.
First Merchants Corporation has approximately $21 billion in assets and provides commercial and consumer banking and wealth management services through First Merchants Bank and First Merchants Private Wealth Advisors across Indiana, Michigan and Ohio.
KEY QUOTES:
“We wish Mark well and are grateful for his outstanding leadership through years of tremendous growth, including 18 acquisitions during his tenure. We are extremely pleased to have a seasoned leader in Mike Stewart who has already proven ready to take First Merchants to the next level.”
Jean Wojtowicz, Chair of the Board of Directors of First Merchants Corporation and First Merchants Bank
“It’s been my great pleasure to serve as the CEO of this 133-year-old financial institution with nearly 300,000 clients, 126 locations in 3 states, and 2,200 employees who work every day to enhance the financial wellness of our communities and clients. First Merchants is a company with a wonderful culture and endless opportunities. We have boldly stepped into those opportunities with a courageous expectant attitude.
“My faith is an important part of my life, and I want to dedicate more time to consultative faith-based leadership. My wife Cathy and I are excited about the next chapter in our life’s journey, and I am also incredibly proud of what we as a bank leadership team have accomplished together at First Merchants.”
Mark Hardwick, CEO of First Merchants
“We will continue our focus on organically growing in the communities we serve with renewed vigor. We have an excellent executive team, supported by locally based senior leaders across our footprint. Our strategy is to build on our Midwestern strength, growing through more and deeper relationships, smarter use of technology, and customer-centric products that expand our reach.
“My wife, Barb, and I have loved living in Indianapolis for 38 years and are excited for this next chapter of leading the bank to new levels of strength in Indy and in every market First Merchants is privileged to serve.”
Mike Stewart, President of First Merchants Bank and Incoming President and CEO
