First Merchants Corporation Announces Pricing of Subordinated Notes Offering

First Merchants Corporation priced a $100 million offering of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036. The notes will bear a fixed rate of 6.750% until October 1, 2031, then convert to a floating rate based on Three-Month Term SOFR plus 202 basis points. The company intends to use net proceeds for general corporate purposes, including share repurchases. The offering is expected to close on September 25, 2026.