Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 68

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 68
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 rendering its opinion. The description of the opinion set forth below is qualified in its entirety by reference to the full text of the opinion. Holders of First Savings common stock are urged to read the entire opinion carefully in connection with their consideration of the Merger. Piper Sandler’s opinion was directed to the board of directors of First Savings in connection with its consideration of the Merger and the Merger Agreement and does not constitute a recommendation to any shareholder of First Savings as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval of the Merger and the Merger Agreement. Piper Sandler’s opinion was directed only to the fairness, from a financial point of view, of the Exchange Ratio to the holders of First Savings common stock and did not address the underlying business decision of First Savings to engage in the Merger, the form or structure of the Merger or any other transactions contemplated in the Merger Agreement, the relative merits of the Merger as compared to any other alternative transactions or business strategies that might exist for First Savings or the effect of any other transaction in which First Savings might engage. Piper Sandler also did not express any opinion as to the fairness of the amount or nature of the compensation to be received in the Merger by any officer, director or employee of First Savings or First Merchants, or any class of such persons, if any, relative to the compensation to be received in the Merger by any other shareholder. Piper Sandler’s opinion was approved by Piper Sandler’s fairness opinion committee. In connection with its opinion, Piper Sandler reviewed and considered, among other things:

| • |     | certain publicly available financial statements and other historical financial information of First Savings that 
 Piper Sandler deemed relevant;                                                                                   |

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| • |     | certain publicly available financial statements and other historical financial information of First Merchants 
 that Piper Sandler deemed relevant;                                                                           |

| • |     | the pro forma financial impact of the merger on First Merchants based on certain assumptions relating to purchase                                                                                                       
 accounting adjustments, cost savings and transaction expenses, as well as certain adjustments for current expected credit losses (CECL) accounting standards, as provided by the senior managements of First Merchants; |

| • |     | the publicly reported historical price and trading activity for First Savings common stock and First Merchants                                                                                                                                        
 common stock, including a comparison of certain stock market information for First Savings common stock and First Merchants common stock and certain stock indices as well as publicly available