First Merchants Corporation Announces Cash Dividend on Its Preferred Stock

Rhea-AI Summary

First Merchants has announced a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A. This translates to $0.4688 per depositary share for holders of depositary shares (NASDAQ: FRMEP), each representing a 1/100th interest in a share of the Series A preferred stock. The dividend is payable on November 15, 2024, to stockholders of record on October 31, 2024.

First Merchants is a financial holding company based in Muncie, Indiana, with one full-service bank charter, First Merchants Bank. The company's common stock trades on the NASDAQ Global Select Market under the symbol FRME, while the depositary shares trade under FRMEP.

Positive

• Declared quarterly cash dividend of $46.88 per share on preferred stock
• Dividend payout demonstrates company's ability to generate returns for shareholders
• Consistent dividend payments may indicate financial stability

Negative

• None.

MUNCIE, Ind., Oct. 15, 2024 (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, 2024, to stockholders of record on October 31, 2024.

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 for First Merchants 's preferred stock (FRMEP)?

First Merchants declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, which translates to $0.4688 per depositary share for FRMEP holders.

When is the dividend payment date for First Merchants 's preferred stock (FRMEP)?

The dividend is payable on November 15, 2024, to stockholders of record on October 31, 2024.

What is the stock symbol for First Merchants 's common stock?

First Merchants 's common stock trades on the NASDAQ Global Select Market under the symbol FRME.

How often does First Merchants (FRME) pay dividends on its preferred stock?

Based on the press release, First Merchants pays quarterly dividends on its preferred stock. However, the exact frequency is not explicitly stated and may be subject to board approval.