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FRME 424B5: Secondary offering

Filed with the SEC on · accession 0001193125-26-401178

FRME filed a 424B5 (prospectus (offering)) with the SEC on Sep 24, 2026. First Merchants Corp is offering $100 million of 6.750% fixed-to-floating rate subordinated notes due 2036. The stock moved +1.1% by the first close after the filing.

Summary of the filing

First Merchants Corp is offering $100 million of 6.750% fixed-to-floating rate subordinated notes due 2036. The notes will initially bear interest at 6.750% per annum for five years, then float at SOFR plus 202 basis points.

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

Key details

Aggregate principal amount of notes offered$100.0M
Underwriting discount$1.3M
Net proceeds to issuer before expenses$98.8M
IssuerFirst Merchants Corp
UnderwriterPiper Sandler
UnderwriterKeefe, Bruyette & Woods
UnderwriterHovde Group
UnderwriterBrean Capital

How FRME stock reacted

Close before

$40.03

Sep 23, 2026

First close after

+1.14%

$40.48

5 trading days

-0.62%

$39.78

Since filing

+2.17%

$40.90

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Frequently asked questions

What did FRME file with the SEC on Sep 24, 2026?

FRME filed a 424B5 (Secondary offering). First Merchants Corp is offering $100 million of 6.750% fixed-to-floating rate subordinated notes due 2036. The notes will initially bear interest at 6.750% per annum for five years, then float at SOFR plus 202 basis points.

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 $40.03 before the filing and $40.48 on Sep 24, 2026 (+1.14%). Five trading days later: $39.78 (-0.62%).

Other FRME SEC filings

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