JPMorgan Chase for Indiana, Illinois, and Ohio banking.

Bank of America for the Midwest banking market.

• Deposit Services: Providing various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
• Commercial Lending: Offering loans and lines of credit to businesses for working capital, equipment financing, commercial real estate, and other business needs.
• Real Estate Lending: Providing mortgage loans for residential properties, including home purchases and refinancing, as well as commercial real estate financing.
• Consumer Lending: Extending personal loans, auto loans, and home equity lines of credit to individuals for various personal financial needs.
• Wealth Management & Trust Services: Delivering financial planning, investment advisory, and fiduciary services to individuals, families, and businesses to help manage and grow their assets.
• Treasury Management: Supplying a range of services designed for businesses to optimize cash flow, manage payments, and enhance liquidity.

First Merchants Corporation (FRME) is a diversified financial services company primarily operating as a regional bank. Due to the nature of its business, First Merchants serves a broad and diverse customer base, including both individuals and various types of businesses across its operating footprint (Indiana, Illinois, Michigan, and Ohio).

Banks typically do not have "major customers" in the traditional sense that can be publicly identified and listed by name. Their revenue is generated from a vast number of relationships and transactions, and client confidentiality is paramount. While First Merchants does have a significant commercial banking division serving numerous businesses (small to medium-sized enterprises, commercial real estate developers, etc.), their business customer base is highly diversified with no single or few major companies that could be listed as "major customers" as implied by the prompt's request for specific names.

Therefore, rather than identifying specific major business customers, it is more appropriate and feasible to describe the categories of customers First Merchants serves. Applying the prompt's guidance for describing categories for individual customers (as the "list names" option is not applicable to a diversified bank's commercial clients), First Merchants serves the following primary categories of individual customers:

• Everyday Banking & Consumer Customers: This broad category includes individuals who utilize fundamental banking services such as checking and savings accounts, debit cards, online and mobile banking, credit cards, personal loans, and auto loans for their daily financial needs.
• Residential Lending Customers: Individuals and families seeking financing for their homes. This includes a variety of mortgage products for home purchases and refinancing, as well as home equity lines of credit (HELOCs).
• Wealth Management & Trust Clients: Affluent individuals, families, and high-net-worth clients who require more specialized financial services. These services include investment management, financial planning, private banking, and trust and estate administration to help manage, protect, and grow their assets.

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Mark K. Hardwick, Chief Executive Officer

Mark K. Hardwick serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank, a position he has held since 2021. He joined First Merchants in November 1997 as corporate controller and was promoted to Chief Financial Officer in April 2002. In June 2007, he also took on leadership responsibilities for operations, technology, and risk management, and in 2016, his title expanded to include Chief Operating Officer. Prior to joining First Merchants, Mr. Hardwick was a Senior Accountant with BKD, LLP in Indianapolis. He is a certified public accountant and holds a Master of Business Administration and a Bachelor's degree in Accounting from Ball State University.

Michele M. Kawiecki, Executive Vice President and Chief Financial Officer

Michele M. Kawiecki is the Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank, a role she assumed in 2021. She began her career with First Merchants in March 2015 as Director of Finance. Before joining First Merchants, Ms. Kawiecki spent 11 to 12 years with UMB Financial Corporation in Kansas City, Missouri, where her roles included Senior Vice President of Capital Management and Assistant Treasurer, Director of Corporate Development and the Enterprise Project Management Office, and Chief Risk Officer. Earlier in her career, she worked for PricewaterhouseCoopers LLP as an Audit Manager. She earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City, and a Bachelor's degree in Business and Accounting from Dakota Wesleyan University.

Michael J. Stewart, President

Michael J. Stewart currently serves as President for First Merchants Corporation and First Merchants Bank, overseeing the Commercial, Private Wealth, and Consumer Lines of Business. He joined the bank in 2008 as Chief Banking Officer. Prior to his time at First Merchants, Mr. Stewart spent 18 years with National City Bank in various commercial sales and credit roles. He holds a Master of Business Administration from Butler University and a Bachelor's degree in Finance from Millikin University.

John J. Martin, Executive Vice President and Chief Credit Officer

John J. Martin is the Executive Vice President and Chief Credit Officer of First Merchants Corporation. Mr. Martin joined First Merchants in 2007 as Senior Manager of Lending Process in the Credit Division, was promoted to Deputy Chief Credit Officer in 2008, and became Chief Credit Officer in June 2009. He is a graduate of Indiana University with a Bachelor of Arts degree in Economics and also holds a Master of Business Administration in finance from the Weatherhead School of Management at Case Western Reserve University.

The clearest emerging threats to First Merchants (FRME) are:

• Digital-First Neobanks and Fintech Lenders: Companies like Chime, Ally Bank, SoFi, and various specialized online lenders are attracting customers by offering superior digital experiences, lower fees, and often more competitive interest rates on deposits or loans. These challengers leverage technology to provide convenient, user-friendly banking alternatives, directly competing with FRME for deposits and specific lending segments (e.g., personal loans, small business loans, certain mortgage products). Their asset-light, digitally native models allow them to innovate rapidly and often underprice traditional banks.
• Big Tech Platforms Entering Financial Services: Companies with vast ecosystems and strong brand loyalty, such as Apple (e.g., Apple Savings accounts in partnership with Goldman Sachs), are offering financial products directly to consumers. This trend poses a significant threat by disintermediating traditional banks in deposit gathering and potentially other services, as these tech giants control the customer relationship and user experience for financial products integrated into their platforms. Their ability to leverage existing customer data and trust presents a formidable challenge to acquiring and retaining retail customers.

First Merchants (symbol: FRME) primarily offers commercial banking, personal banking, and private wealth advisory services within the United States, particularly in Indiana and Ohio. The addressable markets for these main products and services in the U.S. are sized as follows:

• Retail Banking: The United States retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030.
• Commercial Banking: The U.S. commercial banking market size stands at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
• Private Wealth Management (Private Banking): The United States private banking market is valued at USD 59.54 billion in 2025 and is expected to reach USD 94.89 billion by 2030.

Share Repurchases

• In March 2025, First Merchants authorized a new stock repurchase program of up to $100 million, representing approximately 5% of its outstanding shares, superseding a prior January 2021 program.
• Year-to-date through Q3 2025, First Merchants repurchased shares totaling $36.5 million.
• The company's cash flow statements indicate net share repurchases of $53.01 million in 2024 and $54.07 million in 2020.

Share Issuance

• First Merchants had net share issuances of $2.41 million in 2022 and $3.29 million in 2023.

Outbound Investments

• First Merchants acquired Level One Bancorp in 2022.
• In September 2025, First Merchants entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. for approximately $230 million in an all-stock transaction, which is expected to close in Q1 2026 and add $2.4 billion in assets.
• In December 2024, the company divested five Illinois branches with $267.4 million in deposits, marking its exit from suburban Chicago markets.

Capital Expenditures

• First Merchants reported $0.00 in Capital Expenditures in some financial summaries for recent years.
• The company's strategic advancements in 2025 included technology platform upgrades and branch network reductions.
• Depreciation, Amortization & Accretion, which can be indicative of past capital investments, was $26.85 million in 2024.