UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
HELMS, LARRY R.
4905 NORTH TILLOTSON AVENUE
MUNCIE, IN 47304
2. Issuer Name and Ticker or Trading Symbol
FIRST MERCHANTS CORPORATION
FRME
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
May 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
SENIOR VICE PRESIDENT AND GENERAL COUNSEL
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |05-23-|M | |3,150 |A |10.7778 | | | |
|1997 | | | | | | | | |
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Common Stock |05-23-|M | |2,700 |A |9.1111 | | | |
|1997 | | | | | | | | |
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Common Stock |05-23-|M | |2,475 |A |11.3333 | | | |
|1997 | | | | | | | | |
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Common Stock |05-23-|F | |2,985 |D |29.00 |8,412 |D | |
|1997 | | | | | | | | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |10.7778 |05-23|M | |3,150 |D |12-31|06-30|Common Stock|3,150 | | | | |
(Right to Buy) | |-97 | | | | |-89 |-99 | | | | | | |
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|9.1111 |05-23|M | |2,700 |D |04-03|10-03|Common Stock|2,700 | | | | |
| |-97 | | | | |-91 |-00 | | | | | | |
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|11.3333 |05-23|M | |2,475 |D |01-30|07-30|Common Stock|2,475 | |11,675 |D | |
| |-97 | | | | |-92 |-01 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
Reporting person submitted shares of common stock and cash in the amount of
$34.96 to exercise the options
indicated.
SIGNATURE OF REPORTING PERSON
Larry R. Helms
DATE
May 27, 1997
