Sifting through countless of stocks in the Banks industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in Associated Banc-Corp or First Merchants Corporation because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how Associated Banc-Corp and First Merchants Corporation compare based on key financial metrics to determine which better meets your investment needs.

About Associated Banc-Corp and First Merchants Corporation

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, Texas, and Minnesota. It offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset-based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit. The company also provides deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; specialized financial services comprising interest rate risk management and foreign exchange solutions; fiduciary services consisting of administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management services; and investable funds solutions, including savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount, and online investment brokerage; investment advisory services; and trust and investment management accounts. In addition, it offers deposit and transactional solutions, including checking, credit and debit cards, online banking and bill pay, and money transfer services. The company operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin.

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

Latest Banks and Associated Banc-Corp, First Merchants Corporation Stock News

As of July 31, 2026, Associated Banc-Corp had a $5.7 billion market capitalization, compared to the Banks median of $716.9 million. Associated Banc-Corp’s stock is up 19.9% in 2026, up 0.2% in the previous five trading days and up 22.69% in the past year.

Currently, Associated Banc-Corp’s price-earnings ratio is 10.7. Associated Banc-Corp’s trailing 12-month revenue is $1.5 billion with a 32.5% net profit margin. Year-over-year quarterly sales growth most recently was 12.1%. Analysts expect adjusted earnings to reach $2.948 per share for the current fiscal year. Associated Banc-Corp currently has a 3.1% dividend yield.

As of July 31, 2026, First Merchants Corporation had a $2.7 billion market cap, putting it in the 58th percentile of all stocks. First Merchants Corporation’s stock is up 15.1% in 2026, down 0.1% in the previous five trading days and up 11.59% in the past year.

Currently, First Merchants Corporation’s price-earnings ratio is 12.8. First Merchants Corporation’s trailing 12-month revenue is $637.8 million with a 29.0% net profit margin. Year-over-year quarterly sales growth most recently was -2.5%. Analysts expect adjusted earnings to reach $3.863 per share for the current fiscal year. First Merchants Corporation currently has a 3.4% dividend yield.

How We Compare Associated Banc-Corp and First Merchants Corporation Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at Associated Banc-Corp and First Merchants Corporation’s stock grades to see how they measure up against one another.

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Associated Banc-Corp and First Merchants Corporation Growth Grades

Company	Ticker	Growth
Associated Banc-Corp	ASB	C
First Merchants Corporation	FRME	A

The foundation of growth investing is seeking out stocks of companies exhibiting strong, consistent and prolonged growth that is expected to continue into the future.

In order to compute the growth score and assign it a letter grade, the percentile ranks for each of three components‐consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations‐must be determined. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a company’s Growth Score to create an equal distribution of grades.

The companies in the bottom 20% of the stock universe receive Growth Grades of F, considered to be very weak, while those in the top 20% receive A grades, which are considered very strong.

Associated Banc-Corp has a Growth Score of 56, which is Average. First Merchants Corporation has a Growth Score of 95, which is Very Strong.

The Growth Grade Winner: First Merchants Corporation

As you can clearly see from the Growth Grade breakdown above, First Merchants Corporation has a more attractive growth grade than Associated Banc-Corp. For investors who focus solely on how a company is growing relative to other companies in the same industry, First Merchants Corporation could be a good stock to add to their portfolio. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

Associated Banc-Corp and First Merchants Corporation’s Momentum Grades

Company	Ticker	Momentum
Associated Banc-Corp	ASB	B
First Merchants Corporation	FRME	C

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

Associated Banc-Corp has a Momentum Score of 62, which is Strong. First Merchants Corporation has a Momentum Score of 53, which is Average.

The Momentum Grade Winner: Associated Banc-Corp

As you can clearly see from the Momentum Grade breakdown above, Associated Banc-Corp is considered to have stronger momentum compared to First Merchants Corporation. For those specifically looking for companies that have stronger momentum compared to other companies in the same industry, Associated Banc-Corp could be a good stock to invest in. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

Associated Banc-Corp and First Merchants Corporation’s Estimate Revisions Grades

Company	Ticker	Earnings Estimate
Associated Banc-Corp	ASB	D
First Merchants Corporation	FRME	D

Earnings estimate revisions scores consider the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, positive surprises beget further positive surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Estimate revisions offer an indication of what analysts are thinking about the short-term prospects of a firm. Estimate revisions are based on the statistical significance of a firm’s last two quarterly earnings surprises and the percentage change in its consensus estimate for the current fiscal year over the past month and past three months.

Associated Banc-Corp has a Earnings Estimate Score of 27, which is Negative. First Merchants Corporation has a Earnings Estimate Score of 27, which is Negative.

The Earnings Estimate Revisions Stock Winner: No Clear Winner

Neither Associated Banc-Corp or First Merchants Corporation has an Earnings Estimate Revisions Grade that could be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Associated Banc-Corp or First Merchants Corporation is the better investment when it comes to estimate revisions.

Other Associated Banc-Corp and First Merchants Corporation Grades

In addition to Estimate Revisions, Momentum and Growth, A+ Investor also provides grades for Value and Quality.

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection. Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

AAII’s A+ Investor Quality Grade comes from the ranking of key metrics. Specifically, the quality grade is the percentile rank of the composite of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and F-Score.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether Associated Banc-Corp and First Merchants Corporation pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, Associated Banc-Corp or First Merchants Corporation Stock?

Overall, Associated Banc-Corp stock has a Growth Score of 56, Momentum Score of 62 and Estimate Revisions Score of 27.

First Merchants Corporation stock has a Growth Score of 95, Momentum Score of 53 and Estimate Revisions Score of 27.

Comparing Associated Banc-Corp and First Merchants Corporation’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.