Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 17

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 17
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 the ability and integrity of First Savings’ Board of Directors, management and staff. The Board believes that expanding First
Merchants’ operations in the market areas where First Savings operates offers financial and strategic benefits to First Merchants and First Savings as a combined company.

First Savings. In considering the Merger with First Merchants, First Savings’ Board of Directors collected and evaluated a
variety of economic, financial, and market information regarding First Merchants and its subsidiaries, their respective businesses, and First Merchants’ future prospects. In the opinion of First Savings’ Board of Directors, favorable
factors included First Merchants’ business, financial performance and management, and the likelihood of the receipt by First Merchants of regulatory approvals of the Merger, among other factors.

Opinion of First Savings’ Financial Advisor (page [●])

First Savings’ Board of Directors retained Piper Sandler & Co. (“Piper Sandler”) to act as its financial advisor in
connection with the proposed Merger. At the meeting of First Savings’ Board of Directors held on September 24, 2025, Piper Sandler delivered to First Savings’ Board of Directors its oral opinion, which was subsequently confirmed by
delivery of a written opinion, dated September 24, 2025, to the effect that, as of September 24, 2025, and based upon and subject to the conditions, limitations, qualifications, and assumptions set forth therein, the Exchange Ratio was
fair to the holders of First Savings common stock from a financial point of view.

The full text of the written opinion of Piper Sandler,
which sets forth the assumptions made, procedures followed, matters considered, and limitations on the review undertaken in connection with the opinion of Piper Sandler, is attached as to this proxy statement and prospectus. First
Savings shareholders are urged to read Piper Sandler’s written opinion carefully and in its entirety. Piper Sandler’s opinion is limited solely to the fairness, from a financial point of view, of the Exchange Ratio and does not address
First Savings’ underlying business decision to effect the Merger or the relative merits of the Merger as compared to any alternative business strategies or transactions that might be available with respect to First Savings. Piper
Sandler’s opinion does not constitute a recommendation to any shareholder of First Savings as to how such shareholder should vote or act with respect to any matter relating to the Merger or otherwise.

What First Savings Shareholders Will Receive (page [●])

If the Merger Agreement is approved and the