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

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 10
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: | Why are First Merchants and First Savings proposing to merge? |

| A: | We believe the Merger is in the best interests of both companies and our respective shareholders. First Savings                                                                                                                                          
 and First Merchants believe that the Merger will bring together two complementary institutions to create a strategically, operationally, and financially strong company that is positioned for further growth. The Merger will give the combined company 
 greater scale and geographic diversity, not only for serving existing customers more efficiently, but also for future expansion. We believe the Merger will enhance our capabilities to provide banking and financial services to our customers and      
 strengthen the competitive position of the combined organization.                                                                                                                                                                                        |

You should review the background of and reasons for the Merger described in greater detail beginning on page [●].

| Q: | What will holders of First Savings common stock receive in the Merger? |

| A: | If the Merger Agreement is approved by the common shareholders of First Savings and the Merger is subsequently                                                                                                                          
 completed, each share of First Savings common stock owned by a First Savings shareholder will be converted into a 0.85 (the “Exchange Ratio”) share of First Merchants’ common stock (“First Merchants common stock”) (the              
 “Merger Consideration”). Each First Savings common shareholder that would otherwise be entitled to receive a fractional share of First Merchants common stock will receive cash in lieu of such fractional share. The Exchange Ratio is 
 subject to adjustments for stock splits, stock dividends, recapitalization, or similar transactions.                                                                                                                                    |

Because the Exchange Ratio is fixed (except for customary anti-dilution adjustments), the value of the Merger Consideration that you will receive will depend on the market price of First Merchants common stock when you receive your shares of First Merchants common stock. The implied per share value of the Merger Consideration, based upon First Merchants’ closing stock price on [●], the most recent practicable 2

trading day before this proxy statement and prospectus was finalized, was $[●] per share. No assurance can be given that the current market price of First Merchants common stock will be equivalent to the market price of First Merchants common stock on the date that shares of First Merchants common stock are received by a First Savings shareholder or at any other time.You should obtain current market prices for shares of First Merchants common stock which is listed on the Nasdaq Global Select Market under the symbol “FRME.”

| Q: | What risks should