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MUNCIE, IN - First Merchants Corporation (NASDAQ:FRME), a financial services holding company with a market capitalization of $2.59 billion, announced today that it will redeem all $30 million of its outstanding 4.75% Fixed-to-Floating Subordinated Notes due 2029. The redemption is in accordance with the notes' optional redemption provisions and is scheduled for March 18, 2025, which is the next interest payment date for the notes. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment, with the stock currently trading at $44.61.
The Subordinated Notes were initially issued on December 18, 2019, and the full redemption indicates that no principal amount will remain outstanding after the specified redemption date. This move is part of First Merchants Corporation's financial management strategy, which has helped maintain its strong financial health. InvestingPro data shows the company has maintained dividend payments for 37 consecutive years, with 13 years of consecutive increases, demonstrating consistent financial stability.
This announcement, made through a formal notification process by the company's trustee, is in line with regulatory requirements and reflects the company's adherence to its financial obligations and commitments to note holders.
First Merchants Corporation, with headquarters in Muncie, Indiana, operates under the SIC National Commercial Banks category and is incorporated in the state of Indiana. The company's common stock and depositary shares are traded on The Nasdaq Stock Market under the symbols FRME and FRMEP, respectively.
The information regarding the redemption of the Subordinated Notes is based on the latest 8-K filing by First Merchants Corporation with the U.S. Securities and Exchange Commission. Investors and stakeholders are advised to consider this development in their assessment of the company's financial strategies and market activities. The redemption of these debt instruments reflects the company's financial decisions and may be of interest to shareholders and the investment community at large.
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