First Merchants Corporation Announces Partially Redeemed its Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures Due September 15, 2037
March 20, 2020 at 03:02 pm EDT
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On March 16, 2020 (the “Redemption Date”), First Merchants Corporation (the “Company”) partially redeemed its Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures due September 15, 2037 (“Debentures”) in the principal amount of $10,000,000, all of which Debentures are held by First Merchants Capital Trust II (“FMC Trust”). As a result, FMC Trust used the proceeds from such partial redemption to concurrently redeem a like amount of its Capital Securities on the Redemption Date. The aggregate redemption price was $10,436,500, including $436,500 in accrued and unpaid interest to the Redemption Date. Debentures issued by the Company in the principal amount of $41,702,000 remain outstanding. In addition, on February 24, 2020, the Company provided a Notice of Redemption to the holders of $10,000,000 in principal amount of Capital Securities (the “Securities”) of Grabill Capital Trust I (“Grabill Trust”). Pursuant to the Notice, all of the outstanding Securities will be redeemed on April 23, 2020, at a redemption price of 100% of the principal amount plus accrued and unpaid interest, as a result of the concurrent redemption by the Company of a like amount of its Junior Subordinated Debt Securities due July 23, 2034, all of which debt securities are held by Grabill Trust. The aggregate redemption price will be $10,424,833.
First Merchants Corporation is a financial holding company. The Company conducts banking activities through its wholly owned subsidiary, First Merchants Bank (the Bank). The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank). Through the Bank, the Company offers a broad range of financial services, including accepting time, savings, and demand deposits; making consumer, commercial, agri-business and real estate mortgage loans; providing personal and corporate trust services; offering full-service brokerage and private wealth management; and providing letters of credit, repurchase agreements and other corporate services. The Company operates through a community banking segment. The Bank includes 116 banking locations in Indiana, Ohio, Michigan, and Illinois. In addition to its branch network, the Company offers comprehensive electronic and mobile delivery channels to its customers.
First Merchants Corporation Announces Partially Redeemed its Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures Due September 15, 2037