First Merchants Corporation Announces Cash Dividend On Its Preferred Stock

Rhea-AI Summary

First Merchants Corporation has announced a quarterly cash dividend of $0.4688 per depositary share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A. This dividend will be payable on November 15, 2022, to stockholders on record as of October 31, 2022. Each depositary share represents a 1/100th interest in the preferred stock, traded under the symbol FRMEP.

Positive

• Quarterly cash dividend of $0.4688 per depositary share enhances income for shareholders.
• Confidence in ongoing dividend payments marks financial stability.

Negative

• None.

MUNCIE, Ind., Oct. 20, 2022 (GLOBE NEWSWIRE) -- First Merchants Corporation has declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ: FRMEP) each representing a 1/100th interest in a share of the Series A preferred stock. Holders of depositary shares will receive $0.4688 per depositary share. The dividend will be payable on November 15, 2022, to stockholders of record on October 31, 2022.

About First Merchants Corporation:

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Depositary shares representing a 1/100th interest in a share of First Merchants Corporation’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series A are traded on the NASDAQ Global Select Market System under the symbol FRMEP. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

For more information, contact:
Nicole M. Weaver, Vice President, and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

FAQ

What is the dividend amount declared by First Merchants Corporation?

First Merchants Corporation declared a quarterly cash dividend of $0.4688 per depositary share.

When will the dividend be paid?

The dividend will be paid on November 15, 2022.

What is the record date for the dividend?

The record date for the dividend is October 31, 2022.

What is the stock symbol for First Merchants Corporation's preferred stock?

The stock symbol for the preferred stock is FRMEP.

What is the dividend yield of First Merchants Corporation?

The dividend yield is 7.50% on its Non-Cumulative Perpetual Preferred Stock Series A.