Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 222

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 222
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 ending September 30, 2025 and December 31, 2025 and the years ending December 31, 2026 through December 31, 2029, as provided by the senior management of First Merchants; (vi) the pro forma financial impact of the Merger on First Merchants based on certain assumptions relating to transaction expenses, cost savings and purchase accounting adjustments, as well as certain adjustments for current expected credit losses (CECL) accounting standards, as provided by the senior management of First Merchants; (vii) the publicly reported historical price and trading activity for First Savings Common Stock and First Merchants Common Stock, including a comparison of certain stock trading information for First Savings Common Stock and First Merchants Common Stock and certain stock indices, as well as similar publicly available information for certain other companies, the securities of which are publicly traded; (viii) a comparison of certain financial and market information for First Savings and First Merchants with similar financial institutions for which information is publicly available; (ix) the financial terms of certain recent business combinations in the bank and thrift industry (on a nationwide basis), to the extent publicly available; (x) the current market environment generally and the banking environment in particular; and (xi) such other information, financial studies, analyses and investigations and financial, economic and market criteria as we considered relevant. We also discussed with certain members of the senior management of First Savings and its representatives the business, financial condition, results of operations and prospects of First Savings and held

similar discussions with certain members of the senior management of First Merchants and its representatives regarding the business, financial condition, results of operations and prospects of
First Merchants.

In performing our review, we have relied upon the accuracy and completeness of all of the financial and other
information that was available to us from public sources, that was provided to us by First Savings, First Merchants or their respective representatives, or that was otherwise reviewed by us and we have assumed such accuracy and completeness for
purposes of rendering this opinion without any independent verification or investigation. We have further relied on the assurances of the respective senior managements of First Savings and First Merchants that they are not aware of any facts or
circumstances that would make any of such information inaccurate or misleading in any respect material to our analyses. We have not been asked to undertake, and have not undertaken, an independent verification of any such information and we do not
assume any responsibility or liability for the accuracy or completeness thereof. We did not make