Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 16

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 16
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 of
June 30, 2025, on a consolidated basis, First Savings had assets of $2.4 billion, loans of $2.0 billion, deposits of $1.7 billion, and shareholders’ equity of $183.8 million. As of September 30, 2024, First
Savings Bank had 250 full-time employees and 24 part-time employees.

First Savings common stock is traded on the Nasdaq Capital Market
under the symbol “FSFG.”

6

The Merger (page 39)

We have attached a copy of the Merger Agreement to this document as Annex A. Please read the Merger Agreement in its entirety. It is the legal document that governs the Merger.

The Merger Agreement provides that, if all of the conditions are satisfied or waived,
First Savings will merge with and into First Merchants and, immediately thereafter, First Savings will cease to exist. Immediately following the Merger, First Savings Bank will merge with and into First Merchants Bank and First Savings Bank will
cease to exist. We expect to complete the Merger during the first quarter of 2026.

Reasons for the Merger (page 43)

First Merchants. First Merchants’ Board of Directors considered a number of financial and nonfinancial factors in making its
decision to merge with First Savings, including its respect for the ability and integrity of First Savings’ Board of Directors, management and staff. The Board believes that expanding First Merchants’ operations in the market areas where
First Savings operates offers financial and strategic benefits to First Merchants and First Savings as a combined company.

First Savings. In considering the Merger with First Merchants, First Savings’ Board of Directors collected and evaluated a variety of economic, financial, and market information regarding First Merchants and its subsidiaries, their respective
businesses, and First Merchants’ future prospects. In the opinion of First Savings’ Board of Directors, favorable factors included First Merchants’ business, financial performance and management, and the likelihood of the receipt
by First Merchants of regulatory approvals of the Merger, among other factors.

Opinion of First Savings’ Financial Advisor (page 46)

First Savings’ Board of Directors retained Piper Sandler & Co. (“Piper Sandler”) to act as its
financial advisor in connection with the proposed Merger. At the meeting of First Savings’ Board of Directors held on September 24, 2025, Piper Sandler delivered to First Savings’ Board of Directors