Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 62

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 62
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 that, as of September 24, 2025, and subject to the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by Piper Sandler as set forth in the subsequently delivered opinion letter, the 0.85 exchange ratio was fair to First Savings’ common shareholders from a financial point of view. This opinion was subsequently delivered in writing, in a letter addressed to First Savings’ board of directors. After considering the proposed merger agreement, and ancillary documents, and the matters discussed at the meeting and at prior meetings of the board of directors, the board of directors voted unanimously to adopt and approve the proposed merger agreement, to recommend that First Savings’ shareholders vote to approve the proposed merger agreement, and to authorize President and Chief Executive Officer Larry W. Myers to execute and deliver the merger agreement on behalf of First Savings. On September 24, 2025, First Savings and First Merchants executed the merger agreement after the close of trading on The Nasdaq Stock Market. On September 25, 2025, before the opening of trading, First Savings and First Merchants issued a joint press release to announce the execution of the merger agreement. First Merchants’ Reasons for the Merger In reaching its decision to adopt and approve the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, the First Merchants Board of Directors consulted with First Merchants management and considered a number of factors, including the following material factors:

| • |     | each of First Merchants’ and First Savings’ business, operations, financial condition, asset quality,                                                                                                                                     
 earnings, and prospects. In reviewing these factors, the First Merchants Board of Directors considered that the Merger (i) will expand First Merchants’ business within demographically attractive markets in southern Indiana; (ii) will 
 increase First Merchants’ core deposit base, an important funding source; (iii) will provide First Merchants with an experienced management team and quality bank branches in and around southern Indiana; and (iv) will provide First    
 Merchants with the opportunity to sell First Merchants’ broad array of products to First Savings’ client base;                                                                                                                            |

| • |     | its understanding of the current and prospective environment in which First Merchants and First Savings operate,                                                                                                              
 including national and local economic conditions, the competitive environment for financial institutions generally, and the likely effect of these factors on First Merchants both with and without the proposed transaction; |

| • |     | its review