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 amounts to $46.88 per share. The dividend is set to be paid on February 15, 2023, to stockholders on record as of January 31, 2023. The preferred stock is traded on NASDAQ under the symbol FRMEP.

First Merchants Corporation, headquartered in Muncie, Indiana, operates as a financial holding company and includes First Merchants Bank and its private wealth advising division.

Positive

• Declared quarterly cash dividend of $0.4688 per depositary share on Series A preferred stock.
• Dividend payment date set for February 15, 2023, reflecting the company's commitment to returning value to shareholders.

Negative

• None.

MUNCIE, Ind., Jan. 20, 2023 (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 February 15, 2023, to stockholders of record on January 31, 2023.

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 dividend of $0.4688 per depositary share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A.

When will the dividend be paid to shareholders of FRME?

The dividend will be paid on February 15, 2023.

Who is eligible to receive the dividend from First Merchants Corporation?

Stockholders of record on January 31, 2023, are eligible to receive the dividend.

Under what symbol is the preferred stock traded?

The preferred stock is traded under the symbol FRMEP.