Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 61

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 61
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 Savings’ key business lines and
their operation, expected one-time transaction expenses, and key employee retention matters, among other matters.

On June 23, 2025, First Merchants submitted a non-binding indication of interest letter dated
June 20, 2025 (the “IOI”), which proposed an all-stock transaction and an exchange ratio range of 0.84 to 0.88 of a share of First Merchants common stock for each outstanding share of First
Savings common stock. Based on First Merchants’ 20-day average closing price of $36.99 as of June 20, 2025, this implied a transaction value ranging from $31.07 to $32.55 per share. The IOI provided
that First Merchants would select one director of First Savings to serve on First Merchants’ board of directors and First Merchants Bank’s board of directors. The IOI also provided for a period of exclusive negotiations until
September 30, 2025.

First Savings’ board of directors met on June 25, 2025, with representatives of Piper Sandler and
senior management attending, to review the terms of the IOI received from First Merchants. As part of this review, Piper Sandler updated the board of directors regarding the then current bank and thrift mergers and acquisitions market and reviewed
with the board of directors the implied transaction multiples based on the exchange ratio range and historical financial information and other information regarding First Merchants, and also reviewed First Savings’ projected financial results
if it continued to operate independently under its existing business plan. The board of directors also reviewed again its decision to explore a potential merger and the results of the contacts with potential interested parties, which resulted only
in the IOI submitted by First Merchants. After lengthy discussion, it was the consensus of the board of directors that First Savings should continue to pursue a potential merger with First Merchants and directed Piper Sandler to continue discussions
with representatives of First Merchants.

On August 5, 2025, First Merchants’ counsel distributed an initial draft of the
merger agreement to First Savings’ legal counsel, which did not specify an exchange ratio. Subsequently, multiple drafts of the merger agreement were exchanged and representatives of First Merchants’ legal counsel and representatives of
First Savings’ legal counsel participated in telephone calls and email communications regarding the drafts.

First Savings’
board of directors met on September 5, 2025, with representatives of Piper Sandler and