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. The dividend will be distributed through depositary shares (NASDAQ: FRMEP), with holders receiving $0.4688 per depositary share.

The dividend payment is scheduled for February 15, 2025, with a record date of January 31, 2025. Each depositary share represents a 1/100th interest in a share of the Series A preferred stock. First Merchants , headquartered in Muncie, Indiana, operates through First Merchants Bank and its division First Merchants Private Wealth Advisors.

Positive

• Consistent dividend payment maintained for preferred stockholders
• 7.50% dividend yield on preferred stock indicates strong income generation

Negative

• None.

News Market Reaction – FRME

+1.66%

1 alert

+1.66% News Effect

On the day this news was published, FRME gained 1.66%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MUNCIE, Ind., Jan. 15, 2025 (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, 2025, to stockholders of record on January 31, 2025.

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 FRMEP depositary shares in Q1 2025?

First Merchants will pay $0.4688 per depositary share for FRMEP holders.

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

The preferred stock dividend will be paid on February 15, 2025.

What is the record date for First Merchants' Q1 2025 preferred dividend?

The record date for the preferred stock dividend is January 31, 2025.

What is the annual dividend yield for FRMEP preferred shares?

The preferred stock carries a 7.50% Non-Cumulative dividend yield.

How many common shares of preferred stock does one FRMEP depositary share represent?

Each FRMEP depositary share represents a 1/100th interest in a share of the Series A preferred stock.