Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 42

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 42
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 in the Merger Agreement. The payment of the termination fee also could have a material adverse effect on First Savings’ financial condition. 26

The market price of First Merchants common stock after the Merger may be affected by factors different from those affecting the shares of First Savings or First Merchants currently. Upon completion of the Merger, holders of First Savings common stock will become holders of First Merchants common stock. First Merchants’ business differs in important respects from that of First Savings, and, accordingly, the results of operations of the combined company and the market price of First Merchants common stock after the completion of the Merger may be affected by factors different from those currently affecting the independent results of operations of each of First Merchants and First Savings. First Merchants is, and will continue to be, subject to the risks described in First Merchants’ Annual Report on Form 10-Kfor the fiscal year ended December 31, 2024, as updated by subsequent Quarterly Reports on Form 10-Qand Current Reports on Form 8-K,all of which are filed with the SEC and incorporated by reference into this proxy statement and prospectus. See the documents incorporated by reference in this proxy statement and prospectus and referred to under “WHERE YOU CAN FIND ADDITIONAL INFORMATION” on page 89. First Savings shareholders will have a reduced ownership and voting interest after the Merger and will exercise less influence over management. First Savings’ shareholders currently have the right to vote in the election of the First Savings Board of Directors and on other matters affecting First Savings. When the Merger occurs, each First Savings shareholder will become a shareholder of First Merchants with a percentage ownership of the combined organization that is smaller than the shareholder’s percentage ownership of First Savings. Because of this, First Savings’ shareholders will have less influence over the management and policies of First Merchants than they now have over the management and policies of First Savings. The opinion received by the First Savings Board of Directors in connection with the Merger prior to the signing of the Merger Agreement has not been updated to reflect changes in circumstances since the date of such opinion. The written opinion rendered by Piper Sandler, financial advisor to First Savings, dated September 24, 2025, to the effect that, as of such date and based upon the procedures followed, assumptions made, qualifications and limitations set forth therein, the Exchange Ratio was fair, from a financial point of view, to the holders of First Savings common stock, was based upon information available as of September