-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MvvOnIoT6ifhTEXO3W0CX59oN3ePm+rAadBmBsUYckissCyL1ai0Yn8M7s1Gc2tL
 Rq+I9ykxioF8Y565fCR3lQ==

<SEC-DOCUMENT>0000712534-03-000195.txt : 20031224
<SEC-HEADER>0000712534-03-000195.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224085741
ACCESSION NUMBER:		0000712534-03-000195
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031223
FILED AS OF DATE:		20031224

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HUDSON BARRY J
		CENTRAL INDEX KEY:			0001084708
		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:		031072705

	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>f4bjh122403_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-23</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000712534</issuerCik>
        <issuerName>FIRST MERCHANTS CORP</issuerName>
        <issuerTradingSymbol>FRME</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001084708</rptOwnerCik>
            <rptOwnerName>HUDSON BARRY J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>200 E JACKSON ST</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX 792</rptOwnerStreet2>
            <rptOwnerCity>MUNCIE</rptOwnerCity>
            <rptOwnerState>IN</rptOwnerState>
            <rptOwnerZipCode>47308-0792</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
            <footnoteId id="F2"/>
            <footnoteId id="F3"/>
            <footnoteId id="F4"/>
            <footnoteId id="F5"/>
      </securityTitle>
      <transactionDate>
         <value>2003-12-23</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>G</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2000</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>475207</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> Reporting person gifted 2,000 shares of common stock to the Jay County Boys Club, Inc.</footnote>

      <footnote id="F2"> Securities Beneficially Owned Indirect: 6,013.  Nature of Indirect Beneficial Ownership: Spouse UGMA Daughter</footnote>

      <footnote id="F3"> Securities Beneficially Owned Indirect: 6,013.  Nature of Indirect Beneficial Ownership: Spouse UGMA Son</footnote>

      <footnote id="F4"> Non Employee Director Stock Option - Right to Buy: 3,473 shares.</footnote>

      <footnote id="F5"> Employee Stock Option - Right to Buy: 7,177 shares.</footnote>
   </footnotes>
   <remarks>On August 12, 2003, the Board of Directors of First Merchants Corporation declared a stock dividend payable to all holders of record of common stock on August 29, 2003 of one share of common stock for each 20 shares of common stock outstanding to be distributed on September 12, 2003.  Fractional shares were distributed in cash.  Pursuant to anti-dilution provisions of First Merchants Corporation's various stock option plans options previously reported were also adjusted to reflect the stock divi
dend.</remarks>
   <ownerSignature>
      <signatureName>Larry R. Helms (Confirming Statement on File)</signatureName>
      <signatureDate>2003-12-24</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----