UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                        ---------------------------------

                                    FORM 8-K

                        ---------------------------------

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported): July 21, 2003

                           FIRST MERCHANTS CORPORATION

             (Exact name of registrant as specified in its charter)

                                     INDIANA

                 (State or other jurisdiction of incorporation)

0-17071                                                  35-1544218
(Commission File Number)                       (IRS Employer Identification No.)

200 East Jackson Street
P.O. Box 792
Muncie, Indiana                                          47305-2814
(Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (765) 747-1500

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

(c)      Exhibits.

         Exhibit 99        Press Release, dated July 21, 2003, issued by
                           First Merchants Corporation

ITEM 9.  REGULATION FD DISCLOSURE (INFORMATION PROVIDED UNDER ITEM 12 - RESULTS
OF OPERATIONS AND FINANCIAL CONDITION).

         The following information is being provided under Item 12 - Results of
         Operations and Financial Condition.  It is being furnished under Item 9
         of this Form 8-K in accordance with interim guidance issued by the SEC
         in Release No. 33-8216.  Such information, including the Exhibit
         attached hereto, shall not be deemed "filed" for purposes of Section 18
         of the Securities Exchange Act of 1934.

         On July 21, 2003, First Merchants Corporation issued a press release
         to report its financial results for the quarter ended June 30, 2003.
         The release is furnished as Exhibit 99 hereto.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                 By:  /s/  Larry R. Helms
                                    --------------------------------------------
                                           Larry R. Helms, Senior Vice President


Dated:  July 21, 2003

<PAGE>
                                 EXHIBIT INDEX
                                 -------------

Exhibit No.
-----------
    99                  Description
                        -----------
                        Press Release, dated July 21, 2003, issued by
                        First Merchants Corporation.



<PAGE>
                          First Merchants Corporation

                                 Exhibit No. 99

                      Press Release, dated July 21, 2003


N / E / W / S     R / E / L / E / A / S / E

July 21, 2003

FOR IMMEDIATE RELEASE
For more information, contact:
Mark K. Hardwick, Senior Vice President/Chief Financial Officer
765-751-1857
http://firstmerchants.com

SOURCE: First Merchants Corporation

FIRST MERCHANTS ANNOUNCES RECORD QUARTER AS EARNINGS PER SHARE REACH $.50

First  Merchants  Corporation  (NASDAQ - FRME) has reported that second  quarter
2003 diluted  earnings  per share  increased  4.2% to $.50,  up from $.48 in the
prior  year.  Net  income  increased  $805,000,  or 10.1%,  from  $7,940,000  to
$8,745,000 during the same period.

Year-to-date  diluted  earnings reached $.84 per share compared to $.89 in 2002.
Year-to-date  net  income  increased  $990,000,  or 7.4%,  from  $13,413,000  to
$14,403,000.

Total  assets  reached  $3.1  billion as total loans  outstanding  reached  $2.3
billion, an increase of $365 million, or 18.5%.

Michael L. Cox, President and Chief Executive Officer,  commented that, "given a
challenging economic environment, a record-low interest rate environment coupled
with the Corporation's conservative asset sensitive interest rate risk position,
earnings  for the quarter are very  positive."  Cox also added,  "Gains from the
sale of fixed rate mortgage loans have exceeded all budget expectations for 2003
and has significantly aided the Corporation's earnings per share."

Total  non-performing  assets  increased  from .91% of total loans in the second
quarter of 2002 to 1.30% as of June 30, 2003.  The  Corporation's  allowance for
loan losses also  increased  to 1.31%  versus  1.11% during the same period last
year.  The  increase  in  non-performing  loans has  caused the  Corporation  to
increase  the  provision  for loan and lease losses from  $2,476,000  in 2002 to
$6,724,000. The increase represents $.15 per share.

Merchants  Trust  Company,  in an effort to leverage the  Corporation's  current
banking  relationships,  has expand into  additional  growth  markets by opening
offices in Indianapolis and Columbus, Ohio during the quarter.


<PAGE>

CONFERENCE CALL

First Merchants  Corporation will conduct a conference call at 3:30 p.m. Eastern
Standard Time on Monday,  July 21, 2003. To participate  dial  888-710-8192  and
reference First  Merchants  Corporation's  second quarter  earnings  release.  A
digital  recording  will be  available  two hours  after the  completion  of the
conference  from July 21, 2003,  to July 23, 2003. To access,  US/Canada  guests
should call 800-642-1687 or for  International/Local  guests,  call 706-645-9291
and enter the Conference I.D. 1669081.

Detailed financial results are reported on the attached pages.

First  Merchants  Corporation is a financial  holding company  headquartered  in
Muncie, Indiana. Subsidiaries of the Corporation include First Merchants Bank in
Delaware and Hamilton Counties,  Madison Community Bank in Madison County, First
United Bank in Henry County,  Union County National Bank (with offices in Union,
Fayette,  Wayne,  and Butler (OH)  Counties),  The Randolph  County Bank,  First
National  Bank of Portland in Jay County,  Decatur Bank & Trust Company in Adams
County,  and Frances  Slocum  Bank (with  offices in Wabash,  Howard,  and Miami
Counties)  and Lafayette  Bank & Trust Company (with offices in Carrol,  Jasper,
White, and Tippecanoe  Counties).  The Corporation also operates First Merchants
Insurance  Services,  a full-service  property  casualty,  personal  lines,  and
healthcare insurance agency, headquartered in Muncie, Indiana, and is a majority
member of Indiana Title Insurance Company, LLC, a title insurance agency.

First Merchants  Corporation's  common stock is traded  over-the-counter  on the
NASDAQ  National Market System under the symbol FRME and is rated A+ by Standard
& Poor's  Corporation.  Quotations  are carried in daily  newspapers  and can be
found on the company's Internet web page (http:/www.firstmerchants.com).  Eleven
brokerage  firms make a market in First  Merchants  Corporation  stock:  Midwest
Research First Tennessee;  Keefe,  Bruyette & Woods,  Inc.;  Knight  Securities,
L.P.;  Herzog,  Heine,  Geduld,  Inc.; Howe Barnes  Investments,  Inc.;  Sandler
O'Neill & Partners; NatCity Investments, Inc.; Sherwood Securities Corp.; Spear,
Leeds & Kellog; RBC Capital Markets; and Stifel, Nicolaus & Company, Inc.

                                     * * * *
<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED BALANCE SHEETS

(in thousands)                                                                 June 30,
<S>                                                                 <C>             <C>
                                                                         2003            2002
Assets
   Cash and due from banks                                          $    89,126     $    93,420
   Federal funds sold                                                    14,150          43,587
                                                                    -----------     -----------
   Cash and cash equivalents                                            103,276         137,007
   Interest-bearing time deposits                                         8,777          14,577
   Investment securities                                                363,103         361,076
   Mortgage loans held for sale                                          15,151             203
   Loans, net of allowance for loan losses
     of $30,639 and $21,963                                           2,293,937       1,952,211
   Premises and equipment                                                39,313          39,292
   Federal Reserve and Federal Home Loan Bank stock                      13,933          11,036
   Interest receivable                                                   16,592          17,701
   Core deposit intangibles and goodwill                                144,663         106,622
   Cash surrender value of life insurance                                34,575          13,976
   Other assets                                                          23,641          10,283
                                                                    -----------     -----------
        Total assets                                                $ 3,056,961     $ 2,663,984
                                                                    ===========     ===========
Liabilities
   Deposits
     Noninterest-bearing                                            $   324,735     $   259,353
     Interest-bearing                                                 1,988,593       1,797,188
                                                                    -----------     -----------
        Total deposits                                                2,313,328       2,056,541
   Borrowings                                                           417,669         337,525
   Interest payable                                                       5,494           7,248
   Other liabilities                                                     19,460          11,240
                                                                    -----------     -----------
        Total liabilities                                             2,755,951       2,412,554
Stockholders' equity
   Preferred stock, no-par value
      Authorized and unissued -- 500,000 shares
   Common stock, $.125 stated value
      Authorized -- 50,000,000 shares
      Issued and outstanding - 17,531,597 and 16,209,538                  2,191           2,026
   Additional paid-in capital                                           148,406         114,064
   Retained earnings                                                    144,457         131,222
   Accumulated other comprehensive income                                 5,956           4,118
                                                                    -----------     -----------
        Total stockholders' equity                                      301,010         251,430
                                                                    -----------     -----------
        Total liabilities and stockholders' equity                  $ 3,056,961     $ 2,663,984
                                                                    ===========     ===========
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>

                                                Three Months Ended           Six Months Ended
(In thousands)                                       June 30,                    June 30,
                                                2003          2002          2003          2002
<S>                                          <C>           <C>           <C>           <C>

NET CHARGE OFF'S                             $    1,217    $    1,351    $    2,229    $    2,556

AVERAGE BALANCES
  Total Assets                               $3,001,760    $2,559,421    $2,868,161    $2,158,146
  Total Loans                                 2,313,688     1,951,648     2,212,932     1,656,355
  Total Deposits                              2,278,743     1,991,318     2,179,316     1,690,418
  Total Stockholders' Equity                    297,214       247,652       285,143       214,754

FINANCIAL RATIOS
  Return on Average Assets                         1.17%         1.24%         1.00%         1.24%
  Return on Avg. Stockholders' Equity             11.77         12.82         10.10         12.49
  Avg. Earning Assets to Avg. Assets              90.14         90.46         90.15         91.63
  Allowance for Loan Losses as %
  Of Total Loans                                   1.31          1.11          1.31          1.11
  Net Charge Off's as % Of Avg. Loans
  (Annualized)                                      .21           .28           .20           .31
  Dividend Payout Ratio                           46.00         45.83         54.76         49.44
  Avg. Stockholders' Equity to Avg. Assets         9.90          9.68          9.94          9.95
  Tax Equivalent Yield on Earning Assets           5.99          7.02          6.23          6.96
  Cost of Supporting Liabilities                   2.01          2.52          2.06          2.51
  Net Int. Margin (FTE) on Earning Assets          3.98          4.50          4.17          4.45
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share data)                         Three Months Ended       Six Months Ended
                                                               June 30,                June 30,
<S>                                                     <C>         <C>          <C>         <C>
                                                          2003        2002         2003        2002
Interest Income
   Loans receivable
     Taxable                                            $ 35,759    $ 34,875    $ 70,932    $ 59,142
     Tax exempt                                              162         126         327         234
   Investment securities
     Taxable                                               1,600       2,641       3,279       4,544
     Tax exempt                                            1,626       1,670       3,257       2,657
   Federal funds sold                                        177          84         290         265
   Deposits with financial institutions                       19          84          41         106
   Federal Reserve and Federal Home Loan Bank stock          211         198         409         322
                                                        --------    --------    --------    --------
       Total interest income                              39,554      39,678      78,535      67,269
                                                        --------    --------    --------    --------
Interest expense
   Deposits                                                9,048      10,842      17,932      19,070
   Securities sold under repurchase agreements               454         501         903       1,041
   Federal Home Loan Bank advances                         2,395       2,101       4,668       3,524
   Trust preferred securities                              1,259         962       2,465         962
   Other borrowings                                          443         190         602         212
                                                        --------    --------    --------    --------
        Total interest expense                            13,599      14,596      26,570      24,809
                                                        --------    --------    --------    --------
Net interest income                                       25,955      25,082      51,965      42,460
   Provision for loan losses                               2,123       1,284       6,724       2,476
                                                        --------    --------    --------    --------

Net interest income
after provision for loan losses                           23,832      23,798      45,241      39,984
                                                        --------    --------    --------    --------
Other income
   Fiduciary activities                                    1,889       1,751       3,586       3,120
   Service charges on deposit accounts                     2,743       2,563       5,527       4,009
   Other customer fees                                     1,036       1,064       2,124       1,968
   Net realized gains on
     sales of available-for-sale securities                   67         290         438         408
   Commission income                                         707         518       1,461       1,060
   Other income                                            4,711         865       6,303       1,650
                                                        --------    --------    --------    --------
        Total other income                                11,153       7,051      19,439      12,215
                                                        --------    --------    --------    --------

Other expenses
   Salaries and employee benefits                         12,902      10,422      24,679      17,695
   Net occupancy expenses                                  1,200         966       2,291       1,700
   Equipment expenses                                      2,016       1,892       3,860       2,968
   Marketing expense                                         411         356         845         664
   Deposit insurance expense                                              75                     147
   Outside data processing fees                            1,102         897       2,030       1,706
   Printing and office supplies                              432         429         839         767
   Goodwill and core deposit amortization                    991         815       1,819       1,053
   Other expenses                                          3,881       3,086       8,013       5,242
                                                        --------    --------    --------    --------
        Total other expenses                              22,935      18,938      44,376      31,942
                                                        --------    --------    --------    --------

Income before income tax                                  12,050      11,911      20,304      20,257
   Income tax expense                                      3,305       3,971       5,901       6,844
                                                        --------    --------    --------    --------
Net income                                              $  8,745    $  7,940    $ 14,403    $ 13,413
                                                        ========    ========    ========    ========

Per Share Data

   Basic Net Income                                          .50         .49         .84         .90
   Diluted Net Income                                        .50         .48         .84         .89
   Cash Dividends Paid                                       .23         .22         .46         .44
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED BALANCE SHEETS

(in thousands)                                         June 30,   March 31,  December 31, September 30,  June 30,
<S>                                                  <C>         <C>         <C>          <C>         <C>
                                                         2003        2003        2002         2002        2002
Assets
   Cash and due from banks                           $    89,126 $    81,789 $     87,638 $    73,223 $    93,420
   Federal funds sold                                     14,150      54,925       31,400       8,750      43,587
                                                     ----------- ----------- ------------ ----------- -----------
   Cash and cash equivalents                             103,276     136,714      119,038      81,973     137,007
   Interest-bearing time deposits                          8,777       5,170        3,568      10,222      14,577
   Investment securities                                 363,103     333,692      342,062     345,452     361,076
   Mortgage loans held for sale                           15,151      13,558       21,545      14,089       6,518
   Loans                                               2,324,576   2,291,178    2,004,377   1,994,038   1,967,859
     Less: Allowance for loan losses                     (30,639)    (29,733)     (22,417)    (22,147)    (21,963)
                                                     ----------- ----------- ------------  ---------- -----------
        Net loans                                      2,293,937   2,261,445    1,981,960   1,971,891   1,945,896
   Premises and equipment                                 39,313      38,861       38,645      39,179      39,292
   Federal Reserve and Federal Home Loan Bank stock       13,933      13,912       11,409      11,097      11,036
   Interest receivable                                    16,592      16,789       17,346      18,622      17,701
   Core deposit intangibles and goodwill                 144,663     141,226      107,217     106,753     106,622
   Cash surrender value of life insurance                 34,575      14,567       14,309      14,143      13,976
   Other assets                                           23,641      23,088       21,588      16,065      10,283
                                                     ----------- ----------- ------------ ----------- -----------
        Total assets                                 $ 3,056,961 $ 2,999,022 $  2,678,687 $ 2,629,486 $ 2,663,984
                                                     =========== =========== ============ =========== ===========
Liabilities
   Deposits
     Noninterest-bearing                             $   324,735 $   289,835 $    272,128 $   246,410 $   259,353
     Interest-bearing                                  1,988,593   1,996,836    1,764,560   1,773,325   1,797,188
                                                     ----------- ----------- ------------ ----------- -----------
        Total deposits                                 2,313,328   2,286,671    2,036,688   2,019,735   2,056,541
   Borrowings                                            417,669     388,821      356,927     328,933     337,525
   Interest payable                                        5,494       5,694        6,019       6,813       7,248
   Other liabilities                                      19,460      28,212       17,924      14,132      11,240
                                                     ----------- ----------- ------------ ----------- -----------
        Total liabilities                              2,755,951   2,709,398    2,417,558   2,369,613   2,412,554
Stockholders' equity
   Preferred stock, no-par value
      Authorized and unissued -- 500,000 shares
   Common stock, $.125 stated value
      Authorized -- 50,000,000 shares
      Issued and outstanding                               2,191       2,188        2,040       2,039       2,026
   Additional paid-in capital                            148,406     143,615      116,503     116,204     114,064
   Retained earnings                                     144,457     139,743      138,110     135,266     131,222
   Accumulated other comprehensive income                  5,956       4,078        4,476       6,364       4,118
                                                     ----------- ----------- ------------ ----------- -----------
        Total stockholders' equity                       301,010     289,624      261,129     259,873     251,430
                                                     ----------- ----------- ------------ ----------- -----------
        Total liabilities and stockholders' equity   $ 3,056,961 $ 2,999,022 $  2,678,687 $ 2,629,486 $ 2,663,984
                                                     =========== =========== ============ =========== ===========
</TABLE>

<TABLE>
<CAPTION>

NON-PERFORMING ASSETS

(In thousands)                            June 30,   March 31,  December 31, September 30,  June 30,
                                           2003        2003        2002           2002        2002
<S>                                    <C>         <C>         <C>           <C>           <C>

   90 days past due                    $    5,295  $    3,552  $      6,676  $      9,786  $    6,030
   Non-accrual loans                       22,532      19,747        14,134        13,285      10,911
   Other real estate                        2,351       1,841         1,691           868         898
                                       ----------  ----------  ------------  ------------  ----------
        Total non-performing assets    $   30,178  $   25,140  $     22,501  $     23,939  $   17,839
                                       ==========  ==========  ============  ============  ==========

   Average total loans for the quarter $2,313,688  $2,111,056  $  2,066,616  $  1,984,323  $1,951,648

   Total non-performing assets as a
     percent of average total loans         1.30%       1.19%         1.09%         1.21%        .91%

   Restructured loans                  $      899  $    2,194  $      2,508  $      2,326   $   2,771
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF INCOME

                                                                      Three Months Ended
(in thousands, except share data)                   June 30,  March 31, December 31, September 30, June30,
                                                      2003      2003        2002          2002       2002
<S>                                                <C>        <C>        <C>          <C>          <C>
Interest Income
   Loans receivable
     Taxable                                       $ 35,759   $ 35,173   $ 34,775     $ 35,362     $ 34,875
     Tax exempt                                         162        165        235          169          126
   Investment securities
     Taxable                                          1,600      1,679      2,100        2,442        2,641
     Tax exempt                                       1,626      1,631      1,740        1,793        1,670
   Federal funds sold                                   177        113        169          123           84
   Deposits with financial institutions                  19         22         38           53           84
   Federal Reserve and Federal Home Loan Bank stock     211        198        208          206          198
                                                   --------   --------   --------     --------     --------
       Total interest income                         39,554     38,981     39,265       40,148        39,67
                                                   --------   --------   --------     --------     --------

   Interest expense
      Deposits                                        9,048      8,884      9,934       10,696       10,842
      Securities sold under repurchase agreements       454        449        502          517          501
      Federal Home Loan Bank advances                 2,395      2,273      2,359        2,283        2,101
      Trust preferred securities                      1,259      1,206      1,181        1,181          962
      Other borrowings                                  443        159        154          143          190
                                                   --------   --------   --------     --------     --------
           Total interest expense                    13,599     12,971     14,130       14,820       14,596
                                                   --------   --------   --------     --------     --------
   Net interest income                               25,123     26,010     25,135       25,328       25,082
      Provision for loan losses                       2,123      4,601      2,877        1,821        1,284
                                                   --------   --------   --------     --------     --------

   Net interest income
   after provision for loan losses                   23,832     21,409     22,258       23,507       23,798
                                                   --------   --------   --------     --------     --------
   Other income
      Fiduciary activities                            1,889      1,697      1,487        1,651        1,751
      Service charges on deposit accounts             2,743      2,784      2,695        2,626        2,563
      Other customer fees                             1,036      1,088        993          957        1,064
      Net realized gains on sales of
        available-for-sale securities                    67        371        169          162          290
      Commission income                                 707        754        586          557          518
      Other income                                    4,711      1,592      1,286        1,693          865
                                                   --------   --------   --------     --------     --------
           Total other income                        11,153      8,286      7,216        7,646        7,051
                                                   --------   --------   --------     --------     --------

      Other expenses
         Salaries and employee benefits              12,902     11,777     10,849       10,606       10,422
         Net occupancy expenses                       1,200      1,091        933          999          966
         Equipment expenses                           2,016      1,844      1,861        1,880        1,892
         Marketing expense                              411        434        416          415          356
         Deposit insurance expense                                            104          143           75
         Outside data processing fees                 1,102        928        940        1,018          897
         Printing and office supplies                   432        407        442          388          429
         Goodwill and core deposit amortization         991        828        750          786          815
         Other expenses                               3,881      4,132      3,591        2,952        3,086
                                                   --------   --------   --------     --------     --------
              Total other expenses                   22,935     21,441     19,886       19,187       18,938
                                                   --------   --------   --------     --------     --------
      Income before income tax                       12,050      8,254      9,588       11,966       11,911
         Income tax expense                           3,305      2,596      2,998        4,139        3,971
                                                   --------   --------   --------     --------     --------
      Net income                                   $  8,745   $  5,658   $  6,590     $  7,827     $  7,940
                                                   ========   ========   ========     ========     ========
      Per Share Data(1)

   Basic Net Income                                $    .50   $    .34   $    .40     $    .49     $    .49
   Diluted Net Income                                   .50        .34        .40          .48          .48
   Cash Dividends Paid                                  .23        .23        .23          .23          .22

(1)  Restated for a five percent (5%) stock dividend distributed September 2002.
</TABLE>