Company also approved for $90.8 million preferred stock investment
By Devika Patel
Knoxville, Tenn., Sept. 9 - First Merchants Corp. said it raised $21.2 million in a direct private placement of stock.
The company sold shares at $7.50 apiece, a 5.49% premium to the Sept. 8 closing share price of $7.11.
The company also announced that it has received preliminary approval for an investment of about $90.8 million through the Small Business Lending Fund. It will offer preferred stock through this investment.
Proceeds will be used to repay in full the U.S. Treasury Department's $116 million investment in First Merchants through its TARP Capital Purchase Program.
First Merchants is a Muncie, Ind., financial services holding company.
| Issuer: | First Merchants Corp.
|
| Issue: | Common shares
|
| Amount: | $21.2 million
|
| Price: | $7.50
|
| Warrants: | No
|
| Pricing date: | March 30
|
| Stock symbol: | Nasdaq: FRME
|
| Stock price: | $7.11 at close Sept. 8
|
| Market capitalization: | $188.31 million
|
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