CONSENT OF FINANCIAL ADVISOR

We consent to the use of our fairness opinion letter dated October 20, 1998 and
the update to be dated as of the date of the Prospectus/Proxy Statement forming
a part of the Registration Statement on Form S-4 filed by First Merchants
Corporation in connection with the proposed merger of Anderson Community Bank to
be included in such Prospectus/Proxy Statement, subject to the issuance of such
opinion by us.  We further consent to the references to our fairness opinion
letter and the analysis conducted by us and the use of our name in such Proxy
Statement/Prospectus in conjunction therewith.







PROFESSIONAL BANK SERVICES, INC.
Louisville, Kentucky
January 4, 1999


                                     Ex. 23(e)-1