-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TQTCVxBf71+W0FXsq1/0hDHqIyFpF7ao2F665LR9Jc45Qe+XMifzztKuKWJfCPO3
 8bSVP2oKopRxQpJRMfFd6w==

<SEC-DOCUMENT>0000712534-03-000116.txt : 20030702
<SEC-HEADER>0000712534-03-000116.hdr.sgml : 20030702
<ACCEPTANCE-DATETIME>20030702155031
ACCESSION NUMBER:		0000712534-03-000116
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030701
FILED AS OF DATE:		20030702

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AULT JAMES F
		CENTRAL INDEX KEY:			0001084707
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17071
		FILM NUMBER:		03771957

	BUSINESS ADDRESS:	
		STREET 1:		200 E JACKSON ST
		STREET 2:		PO BOX 792
		CITY:			MUNCIE
		STATE:			IN
		ZIP:			47308-0792
		BUSINESS PHONE:		3177471500

	MAIL ADDRESS:	
		STREET 1:		200 EAST JACKSON STREET
		CITY:			MUNCIE
		STATE:			IN
		ZIP:			47305

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MERCHANTS CORP
		CENTRAL INDEX KEY:			0000712534
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				351544218
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		200 E JACKSON ST
		STREET 2:		PO BOX 792
		CITY:			MUNCIE
		STATE:			IN
		ZIP:			47308-0792
		BUSINESS PHONE:		3177471500

	MAIL ADDRESS:	
		STREET 1:		200 EAST JACKSON STREET
		CITY:			MUNCIE
		STATE:			IN
		ZIP:			47305
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f4jfa0603_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-07-01</periodOfReport>
    <issuer>
        <issuerCik>0000712534</issuerCik>
        <issuerName>FIRST MERCHANTS CORP</issuerName>
        <issuerTradingSymbol>FRME</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001084707</rptOwnerCik>
            <rptOwnerName>AULT JAMES F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
       </reportingOwnerRelationship>
   </reportingOwner>
   <derivativeSecurity>
      <securityTitle>
         <value>Non-Employee Director Stock Option (Right to Buy)</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>24.635</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-07-01</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>1988-08-08</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1102</value>
         </transactionShares>
         <transactionValue>
           <value>0.00</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2004-01-01</value>
      </exerciseDate>
      <expirationDate>
         <value>2013-06-30</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1102</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5512</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeSecurity>
   <footnotes>
<footnote id="F1"> Non-Derivative Securities Beneficially Owned Direct: 7211</footnote>

<footnote id="F2"> Beneficially Owned Securities: 12684.  Nature of Indirect Ownership: Spouse</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Larry R. Helms (Confirming Statement on File)</signatureName>
      <signatureDate>2003-07-02</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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