CONSENT OF INDEPENDENT AUDITORS



Board of Directors 
Jay Financial Corporation
Portland, Indiana

We consent to the inclusion in the Registration Statement Form S-4 and
Prospectus of First Merchants Corporation, relating to the issuance of
securities in the proposed merger of Jay Financial Corporation into First
Merchants Corporation, of our report, dated January 8, 1998, except for Note 15,
as to which the date is August 20, 1998, on the consolidated financial
statements of Jay Financial Corporation as of December 31, 1997 and 1996 and for
the years then ended.  We also consent to the reference to our firm appearing
under the heading "Experts" in the Prospectus. 


                              Crowe, Chizek and Company LLP


December 28, 1998
Indianapolis, Indiana



                                      Ex.23(b)-1