First Farmers Bank & Trust to open Carmel branch

First Farmers Bank & Trust plans to open a branch in this building at 111 S. Rangeline Road in Carmel. Indianapolis-based LOR Corp. is developing the building.

Converse-based First Farmers Bank & Trust plans to open a full-service branch in Carmel by the end of the year—a move that the bank intends to use as a springboard for future growth in the Indianapolis market.

The new office in Carmel’s Arts & Design District will occupy 2,800 square feet at 111 S. Rangeline Road in a three-story, 50,000-square foot mixed-use building being developed by LOR Corp.

First Farmers first established a physical presence in Carmel last year, when it opened a loan production office at 11711 N. Pennsylvania St.

Based on the results at that office, the bank decided it was time to establish a full-service branch. It plans to incorporate its existing Pennsylvania Street operations into the Rangeline Road office when the new branch opens.

In contrast to the Pennsylvania Street location, which is in an office district, the Rangeline Road location is in a livelier neighborhood with more foot traffic—and is expected to offer the bank better exposure to current and potential customers.

Another tenant in the Rangeline Road office will be 1933 Lounge, a restaurant concept from Indianapolis-based Huse Culinary. Huse, the parent of St. Elmo Steak House and Harry & Izzy’s, opened its first 1933 Lounge above St. Elmo at 127 S. Illinois St. in downtown Indianapolis and its second in Fishers District in 2019.

Matt Maher, First Farmers’ Hamilton County regional president, said the vibrancy of the Arts & Design District, and the presence of 1933 Lounge, will give the bank good visibility to both pedestrians and vehicle traffic.

“People will be able to see us, and I think it’ll give us a lot more brand recognition over time,” he said,

First Farmers, which is headquartered about 55 miles northeast of Carmel, has been doing business in Hamilton County for years. Its Sheridan office opened in the late 1990s and its Cicero branch opened about five years ago.

But the bank, which was founded in 1885, has grown to the point that it feels it can now compete in the Indianapolis market in a bigger way, said First Farmers President and CEO Mark “Doc” Holt.

In the world of banking, assets are a standard measure of a bank’s size. Last year, First Farmers’ assets surpassed $3 billion for the first time.

“That allows us to service a fair number of large commercial real estate customers,” Holt said.

Provided the Carmel branch performs well, Holt said, First Farmers will be looking for future expansion opportunities in the greater Indianapolis market. Holt said he envisions the bank eventually having between five and 10 branches in the market over a still-to-be-determined timeline.