Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 39

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 39
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 and financial condition. 24

Changes in economic conditions and the geographic concentration of the merged company’s markets could adversely affect the merged company’s financial condition. The merged company’s success will depend to a great extent upon the general economic conditions of the Midwest Region of the United States. Unlike larger banks that are more geographically diversified, the merged company will provide banking and financial services to customers primarily located in these areas. Favorable economic conditions may not exist in the merged company’s markets. A continued economic slowdown could have the following adverse consequences:

| • |     | loan delinquencies may increase; |

| • |     | problem assets and foreclosures may increase; |

| • |     | demand for the products and services of First Savings and First Merchants may decline; and |

| • |     | collateral for loans made by First Savings and First Merchants may decline in value, in turn reducing       
 customers’ borrowing power, and reducing the value of assets and collateral associated with existing loans. |

The combined company may be unable to retain First Savings personnel successfully after the Merger is completed, and the combined company’s ability to implement its growth strategy may be harmed if it is unable to attract additional key personnel. The success of the Merger will depend in part on the combined company’s ability to retain the talents and dedication of key employees currently employed by First Savings. It is possible that these employees may decide not to remain with First Savings while the Merger is pending or with the combined company after the Merger is consummated. If key employees terminate their employment, or if an insufficient number of employees are retained to maintain effective operations, the combined company’s business activities may be adversely affected and management’s attention may be diverted from successfully integrating First Savings to hiring suitable replacements, all of which may cause the combined company’s business to suffer. In addition, the combined company’s continued growth and future success will depend, in part, on its ability to attract, motivate, and retain highly qualified senior and middle management and other skilled employees. Competition for employees is intense, and the process of identifying and retaining key personnel with the combination of skills and attributes required to execute the combined company’s business strategy may be lengthy. For various reasons, First Merchants may not be able to locate suitable replacements for any key employees who leave the combined company, or to offer employment to potential replacements on reasonable terms, which could cause the combined company’s business to suffer. Anti-takeover defenses may delay or prevent future mergers. Provisions contained in First Merch