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First Merchants Capital Trust I, 8.75% Cumul Trust Preferred Securities
Ticker Symbol: FRMEP*     CUSIP: 32082A200     Exchange: NNM
Security Type:   Trust Preferred Security
* NOTE: This security is no longer trading as of 6/30/2007

Security has been Called for:  Saturday, June 30, 2007

4/26/2007 -- First Merchants Corp. said in a Form 8-K filed April 26 that Michael Rechin succeeded Michael Cox as president and CEO of the company in accordance with previously announced succession plans. Separately, the board approved the redemption of the company's subordinated debentures payable to First Merchants Capital Trust I. The aggregate redemption price will be the principal amount of approximately $54.8 million plus any accrued but unpaid interest. The early redemption of the debentures will require the company to accelerate the recognition of the remaining unamortized underwriting fee of approximately $1.8 million during the second quarter. The redemption may occur at any time on or after June 30 and has been previously approved by the Federal Reserve Bank of Chicago. The company intends to finance the redemption through a private offering of trust preferred securities on terms more favorable than then current debentures. The company currently anticipates the savings to be approximately $1.2 million annually. The redemption would be followed by the redemption by First Merchants Capital Trust I of its outstanding common and preferred securities at their $25 liquidation value, plus any accrued but unpaid distributions.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  First Merchants Capital Trust I, 8.75% Cumulative Trust Preferred Securities, liquidation amount $25 per share, guaranteed by First Merchants Corp. (Nasdaq: FRME), redeemable at the issuer's option on or after 6/30/2007 at $25 per share plus accrued and unpaid dividends, maturing 6/30/2032, distributions of 8.75% ($2.1875) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record one business day prior to the payment date while the securities remain in global security form. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 8.75% Junior Subordinated Deferrable Interest Debentures due 6/30/2032 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NNM
Chart
8.75%
$2.1875
$25.00
$25.00
Called for
6/30/2007

6/30/2032
NR NF
3/05/2006
3/31, 6/30, 9/30 & 12/31
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
No

Go to Parent Company's Record (FRME)

IPO - 4/16/2002 - 1.85 Million Shares @ $25.00/share.    Link to IPO Prospectus
Market Value $48.5 Million

Company's Online Information Links
HOME PAGE:     http://www.firstmerchants.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Address shareholderrelations@firstmerchants.com'

Address and Phone Numbers
Address:   200 East Jackson Street, Muncie, IN 47305
Main Phone Number 765-747-1500
Fax Number Not Available
Investor Relations   David L. Ortega 765-378-8937   Ext: 27278
Toll Free Phone Number 800-262-4261
CEO - Michael C. Rechin CFO - Mark K. Hardwick

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