Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 64

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 64
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; then current economic and stock market conditions; the results of First Savings’ due diligence investigation of First Merchants; First Merchants’ stock price performance and valuation metrics; the terms and conditions of the proposed merger agreement; the value of the proposed merger consideration; and the impact of the proposed merger on First Savings’ shareholders and other constituencies. All questions posed by the directors were answered by senior management, representatives of Piper Sandler or representatives of legal counsel, as appropriate. Representatives of Piper Sandler then presented Piper Sandler’s oral opinion to the effect 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