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FRME 424B5: Secondary offering

Filed with the SEC on · accession 0001193125-26-398577

FRME filed a 424B5 (prospectus (offering)) with the SEC on Sep 23, 2026. First Merchants Corporation is offering fixed-to-floating rate subordinated notes due 2036 in a public offering. The stock moved -1.5% by the first close after the filing.

Summary of the filing

First Merchants Corporation is offering fixed-to-floating rate subordinated notes due 2036 in a public offering. The notes will initially bear a fixed interest rate and later convert to a floating rate based on SOFR plus a spread.

For details, click here →How to read a 424B5 →

Key details

aggregate principal amount of notes offered$0
minimum denomination$1K
IssuerFirst Merchants Corporation
Sole bookrunning managerPiper Sandler
Co-managerKeefe, Bruyette & Woods
Co-managerHovde Group
Co-managerBrean Capital

How FRME stock reacted

Close before

$40.65

Sep 22, 2026

First close after

-1.53%

$40.03

5 trading days

-1.41%

$40.08

Since filing

+0.62%

$40.90

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Frequently asked questions

What did FRME file with the SEC on Sep 23, 2026?

FRME filed a 424B5 (Secondary offering). First Merchants Corporation is offering fixed-to-floating rate subordinated notes due 2036 in a public offering. The notes will initially bear a fixed interest rate and later convert to a floating rate based on SOFR plus a spread.

What does a secondary offering mean for FRME stock?

New shares dilute existing holders and are often sold at a discount to the market price.

How do I read a 424B5?

The final terms of an offering of shares or bonds. Look at price, number of shares and the discount to the market price. Large offerings dilute existing shareholders.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 424B5 (prospectus (offering)): The final terms of an offering of shares or bonds.

How did FRME stock react to this filing?

FRME closed at $40.65 before the filing and $40.03 on Sep 23, 2026 (-1.53%). Five trading days later: $40.08 (-1.41%).

Other FRME SEC filings

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