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|                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                         |  |
| If to First Merchants:                                                                                                  | With a copy to: |
| 200 E. Jackson StreetMuncie, IN  47305Attn:  Michael C. RechinPresident and Chief Executive OfficerFAX:  (765) 741-7283 | Bingham Greenebaum Doll LLP 2700 Market Tower10 West Market StreetIndianapolis, Indiana  46204-2982Attn:  David R. Prechtel, Esq.FAX:  (317) 236-9907 |
| If to C Financial:                                                                                                 | With a copy to: |
| 5811 Sawmill RoadDublin, Ohio  43017Attn:  Dan A. ApplePresident and Chief Executive OfficerFAX:  (614) 408-0205        | Kaplan, Strangis and Kaplan, P.A.90 South Seventh StreetSuite 5500Minneapolis, Minnesota  55402-4126Attn:  Ralph Strangis, Esq.FAX:  (612) 375-1143 |

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|        |
|--------|
|        |  |
|   | FIRST MERCHANTS CORPORATIONBy:        /s/  Michael C. Rechin       Michael C. Rechin, President    and Chief Executive Officer |
|   | C FINANCIAL CORPORATIONBy:         /s/  Dan A. Apple   Dan A. Apple, President and Chief Executive Officer |
|   |   |

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|                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                          |  |
| “FMB”                                                                                                                                                                                                                                                                                        | FIRST MERCHANTS BANK, NATIONAL ASSOCIATION,a national bank,By:                                                Printed:  Michael C. Rechin   Its: President and Chief Executive Officer    |
| ATTEST:                                             Secretary/Cashier             |   |
| “BANK”                                                                                                                                                                                                                                                                                       | COOPER STATE BANK,an Ohio state bank,By:                                                Printed: Dan A. Apple   Its: President and Chief Executive Officer    |
| ATTEST:                                               Secretary/Cashier |   |

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | C Financial Corporation (“C Financial”) is a corporation duly organized and validly existing under the laws of the State of Ohio and a bank holding company registered under the Bank Holding Company Act of 1956 (“BHCA”).  C Financial has no direct subsidiaries other than Cooper State Bank, an Ohio state bank (the “Bank”).  The Bank is duly organized and validly existing under the laws of the State of Ohio. |

|    |                                                                                                                                                                                                                                                      |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | 2.    C Financial and the Bank have all requisite corporate power, authority and governmental authorizations required by the applicable laws to own their respective properties and to conduct their respective businesses. |

|    |                                                                                                                                                                                                                                                                                                                                                                                      |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | The Agreement and Plan of Reorganization and Merger dated as of January 5, 2015, by and between First Merchants and C Financial (the “Agreement”) has been duly authorized, executed, and delivered by C Financial and constitutes a valid and binding obligation of C Financial, enforceable against C Financial in accordance with its terms. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4. | The total number of shares which C Financial has the authority to issue is 2,500,000 shares of common stock, $1.00 par value (“C Financial Common Stock”).  As of the “Effective Date” (as defined in the Agreement), there were 2,151,867 shares of C Financial Common Stock issued and outstanding.  To our knowledge, there are no outstanding options, commitments, calls, agreements, warrants, stock appreciation rights or other subscription rights for the issuance or acquisition of any C Financial Common Stock or relating to C Financial Common Stock or any other shares of capital stock of C Financial other than those disclosed in the C Financial Disclosure Letter to the Agreement. |

|    |                                                                                                                                                                                                                                                                                                    |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | The Board of Directors and the shareholders of C Financial have taken all corporate action required in order to adopt and approve the merger of C Financial with and into First Merchants and the Agreement, and to authorize the execution, delivery and consummation of the Agreement. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6. | Neither the execution of the Agreement, nor the consummation of the transactions contemplated thereby, does or will, except as disclosed in the C Financial Disclosure Letter to the Agreement: (a) conflict with, result in a breach of, or constitute a default under C Financial’s or the Bank’s organizational documents; (b) to our knowledge, conflict with, result in a breach of, or constitute a default under the applicable laws or any court or administrative order or decree, or any note, bond, indenture, loan, mortgage, security agreement, contract, arrangement or commitment, to which C Financial or the Bank is subject or bound, the result of which would have a Material Adverse Effect; (c) to our knowledge, result in the creation of, or give any person, corporation or entity the right to |

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7. | The meeting of the shareholders of C Financial held on _________________________, was duly held in accordance with all applicable laws, and the Agreement was duly approved and adopted by the affirmative vote of the holders of a majority of the outstanding shares of C Financial Common Stock, which is the only vote on the part of the shareholders of C Financial required in order to approve the Agreement and the transactions contemplated therein. |

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | First Merchants Corporation (“First Merchants”) is a corporation duly organized and validly existing under the laws of the State of Indiana and a registered bank holding company under the Bank Holding Company Act of 1956, as amended (“BHCA”).  First Merchants Bank, National Association, a national bank (the “Bank”), is a wholly-owned subsidiary of First Merchants and is duly organized and validly existing under The National Bank Act. |

|    |                                                                                                                                                                                                                                                                                                                                              |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | First Merchants and the Bank have all requisite corporate power, authority and governmental authorizations required by the applicable laws to own their respective properties and to conduct their respective businesses as described in First Merchants’ Annual Report filed on Form 10-K for the year ending December 31, 2013. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | The Agreement and Plan of Reorganization and Merger (the “Agreement”) dated as of January 5, 2015, by and between First Merchants and C Financial Corporation (“C Financial”), has been duly authorized, executed, and delivered by First Merchants and constitutes a valid and binding obligation of First Merchants, enforceable against First Merchants in accordance with its terms. |

|    |                                                                                                                                                                                                                                                                                                   |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4. | The Board of Directors and the shareholders of First Merchants have taken all corporate action required in order to adopt and approve the merger of C Financial with and into First Merchants and the Agreement, and to authorize the execution, delivery and consummation of the Agreement. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5. | Neither the execution of the Agreement, nor the consummation of the transactions contemplated thereby, does or will, except as disclosed in the First Merchants Disclosure Letter to the Agreement: (a) conflict with, result in a breach of, or constitute a default under First Merchants’ or the Bank’s organizational documents; (b) to our knowledge, conflict with, result in a breach of, or constitute a default under the applicable laws or any court or administrative order or decree, or any note, bond, indenture, loan, mortgage, security agreement, contract, arrangement or commitment, to which First Merchants or the Bank is subject or bound, the result of which would have a Material Adverse Effect; (c) to our knowledge, result in the creation of, or give any person, corporation or entity the right to create, any lien, charge, encumbrance, security interest, or other adverse interest upon any right, property or asset of First Merchants or the Bank, the result of which would have a Material Adverse Effect; (d) to our knowledge, terminate, or give any person, corporation or entity the right to terminate, amend, abandon, or refuse to perform, any note, bond, indenture, loan, mortgage, security agreement, contract, arrangement or commitment to which First Merchants or the Bank is subject or bound, the result of which would have a Material Adverse Effect; or (e) to our knowledge, accelerate or modify, or give any party thereto the right to accelerate or modify, the time within which, or the terms according to which, First Merchants or the Bank is to perform any duties or obligations or receive any |

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