Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 38

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 38
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 enhancing existing relationships with borrowers of First Merchants and First Savings; |

| • |     | achieving projected net income of First Merchants and expected cost savings and revenue enhancements from the 
 merged company;                                                                                               |

| • |     | controlling the incremental non-interest expense to maintain overall 
 operating efficiencies;                                              |

| • |     | retaining and attracting key and qualified management, lending, and other banking personnel; and |

| • |     | competing effectively in the communities served by First Merchants and First Savings, and in nearby communities. |

First Merchants’ failure to successfully integrate First Savings into its business may adversely affect its financial condition and results of operations. The value of the consideration to be received by First Savings shareholders in the Merger will fluctuate. If the Merger is completed, First Savings shareholders will receive a number of shares of First Merchants common stock based on a fixed Exchange Ratio of 0.85 share of First Merchants common stock for each share of First Savings common stock. Because the market value of First Merchants common stock may (and likely will) fluctuate, the value of the stock consideration you receive for your shares may also fluctuate. The market value of First Merchants common stock could fluctuate for any number of reasons, including those specific to First Merchants and those that influence trading prices of equity securities generally. As a result, you will not know the exact value of the shares of First Merchants common stock you will receive at the time you must vote your shares. The value of First Merchants common stock on the closing date of the Merger may be greater or less than the market price of First Merchants common stock on the record date, on the date of this proxy statement and prospectus, or on the date of the special meeting. We encourage you to obtain a current market quotation for First Merchants common stock and First Savings common stock because the value of any First Merchants shares you receive may be more or less than the value of such shares as of the date of this document. The merged company’s allowance for credit losses may not be adequate to cover actual loan losses. The merged company’s loan customers may not repay their loans according to their terms, and the customers’ collateral securing the payment of their loans may be insufficient to assure repayment. As of June 30, 23

2025, approximately 65% of the merged company’s loans are comprised of commercial real estate and commercial lines of credit and term and development loans, which can result in higher loan loss experience than