EXHIBIT 23.01

CONSENT OF INDEPENDENT ACCOUNTANTS

We  hereby  consent  to the  incorporation  by  reference  in this  Registration
Statement on Form S-8 of our report dated January 15, 1999 which appears on page
17 of the 1998 Annual Report to  Shareholders  of First  Merchants  Corporation,
which is  incorporated  by reference  in First  Merchants  Corporation's  Annual
Report on Form 10-K for the year ended December 31, 1998.


Olive, LLP
Indianapolis, Indiana
June 3, 1999

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