Key Developments For First Merchants Corp
First Merchants Corp (FRME.O) (Nasdaq)
First Merchants Corp. Announces Quarterly Cash Dividend
First Merchants Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.08 per share on its common stock. The cash dividend is payable on December 18, 2009, to stockholders of record December 4, 2009. For purposes of broker trading, the ex-date of the cash dividend is December 2, 2009.
First Merchants Corp. Announces Completion Of Consolidation
First Merchants Corp. announced that it has received approval from the Office of the Comptroller of the Currency (OCC), and has completed the merger of three of its subsidiary banks and charters into the Company's single remaining full-service bank charter, First Merchants Bank, N.A., effective at the close of business on September 25, 2009.
First Merchants Corp. Announces Charter Consolidations
First Merchants Corp. announced that its Board of Directors has approved the reorganization of certain of its wholly-owned subsidiaries pending approval from the subsidiaries` federal banking regulator. The application for such approval is being filed on or about August 4, 2009. Through the reorganization, First Merchants Bank of Central Indiana, National Association, Lafayette Bank and Trust Company, National Association and Commerce National Bank will be merged with and into First Merchants Bank, National Association. The pending bank charter combination will preserve the brand names of Lafayette Bank and Trust and Commerce National Bank. Each of these entities will continue to do business in their own name as divisions of First Merchants Bank, N.A. In addition, bank board members will continue their affiliation with their bank franchises, management and communities as regional bank board members.
First Merchants Corp. Announces Quarterly Cash Dividend
First Merchants Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.08 per share on its common stock. The cash dividend is payable September 18, 2009, to stockholders of record September 4, 2009. For purposes of broker trading, the ex-date of the cash dividend is September 2, 2009.
First Merchants Corp. Closes Capital Purchase Program Offering
First Merchants Corp. announced that it has received $116 million of equity capital by issuing 116,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the Designated Preferred Stock), and a warrant to purchase up to 991,453 shares of the Company's common stock, at an initial per share price of $17.55 to the U.S. Treasury Department. The Designated Preferred Stock pays cumulative dividends at a rate of 5% per year for the first five years and 9% per year thereafter. The Company has the ability to repay the obligation at any time subject to consultation with its primary regulator. Repayment of the full amount of the Designated Preferred Stock issuance by December 31, 2009 with the proceeds of a sale of Tier 1 qualifying perpetual preferred stock or common stock for cash would result in a 50% reduction in the number of warrants outstanding.
