Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 66

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 66
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 with First Savings’ senior management and its financial and legal advisors, reviewed and discussed the merger agreement and the transactions contemplated by it and the board of directors determined that the merger agreement and the transactions contemplated by it are advisable and in the best interests of First Savings and its shareholders. In reaching its conclusion to approve the merger agreement and the transactions contemplated by it, the board of directors considered a number of factors. The board of directors considered the following material factors:

| • |     | The board of directors’ understanding of the business, operations, financial condition, earnings, and 
 prospects of First Savings;                                                                           |

| • |     | Prevailing national and local economic conditions, and other factors, and their expected effect on First                        
 Savings’ financial condition, earnings, and prospects and on the stock prices of banking institutions, including First Savings; |

| • |     | The value of the merger consideration proposed by First Merchants compared to the estimated potential future 
 value of First Savings’ common stock if First Savings were to continue to operate independently;             |

| • |     | The competitive environment facing financial institutions generally and the competitive environment in First                  
 Savings’ geographic market area in particular, and the growing trend toward consolidation in the financial services industry; |

| • |     | First Merchants’ ability to obtain regulatory approval for the merger, considering First Savings’ due 
 diligence investigation of First Merchants;                                                           |

| • |     | The scope and results of the exploratory merger process conducted by First Savings, with Piper Sandler’s 
 assistance;                                                                                              |

| • |     | The complementary business cultures of First Savings and First Merchants; |

| • |     | The historical market prices and the then prevailing market prices for First Savings’ common stock and for 
 First Merchants’ common stock;                                                                             |

| • |     | The review by the board of directors, with the assistance of legal counsel, of the terms of the merger agreement, 
 including the provisions that permit First Savings, under certain circumstances, to furnish                       |

44

| information to and negotiate with third parties regarding a potential business combination transaction, subject, in certain circumstances, to paying a $10.0 million cash termination fee to 
 First Merchants;                                                                                                                                                                             |

| • |     | The perceived favorable impact of the merger on the employees, depositors, customers, and communities served by                                                                                                      
 First Savings Bank, considering that First Merchants and First Merchants Bank has agreed to select a member of First Savings’ board of directors to serve as