Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 56

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 56
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. The following summary highlights certain information about the Merger. To understand the Merger, you should read carefully this entire proxy statement and prospectus, including the Merger Agreement, which is attached to this document as Annex A.

Description of the Merger

Under the terms and subject to the conditions of the Merger Agreement approved by each of First Savings’ and First Merchants’
Boards of Directors, First Savings will merge with and into First Merchants and the separate corporate existence of First Savings will cease. The Articles of Incorporation and Bylaws of First Merchants, as in effect prior to the Merger, will be the
Articles of Incorporation and Bylaws of First Merchants after the Merger. Immediately following the Merger, First Savings Bank will merge with and into First Merchants Bank and First Savings Bank will cease to exist as a separate entity.

Merger Consideration

For First Savings Common Stock

The Merger Agreement provides that holders of First Savings common stock will have the right, with respect
to each of their shares of First Savings common stock, to receive a 0.85 (the “Exchange Ratio”) share of First Merchants’ common stock (“First Merchants common stock”), and cash in lieu of a fractional share (the
“Merger Consideration”).

If First Merchants changes the number of outstanding shares of First Merchants common stock before
the Merger through any stock split, stock dividend, recapitalization, or similar transaction, then the Exchange Ratio will be proportionately adjusted so that First Savings common shareholders will receive such number of shares of First Merchants
common stock as represents the same percentage of outstanding shares of First Merchants common stock at the effective time of the Merger (the “Effective Time”) as would have been represented by the number of shares of First Merchants
common stock such shareholder would have received if the recapitalization had not occurred.

First Merchants will not issue fractional
shares to First Savings shareholders. Instead, First Savings common shareholders will receive for each fractional share an amount in cash determined by multiplying (i) the fractional interest by (ii) the volume weighted average trading
price of a share of First Merchants common stock as reported by Bloomberg, L.P. for the 10 days that First Merchants common stock trades on the Nasdaq Global Select Market preceding the fourth calendar day prior to the Effective Time (the
“First Merchants Average Price”). The First Merchants Average Price will be appropriately and proportionately adjusted to reflect any share