Form 4: Executive Disposes FSFG Shares Post-Merger

First Savings Financial Group executive William Eric Howard disposed of all his common stock and stock options following the merger with First Merchants Corporation.

Summary

• EVP and CLO William Eric Howard disposed of all his direct and indirect holdings in First Savings Financial Group, Inc. (FSFG) common stock and stock options.
• The transactions occurred on February 1, 2026, following the merger agreement dated September 24, 2025, between FSFG and First Merchants Corporation.
• Howard disposed of 21,873 shares of common stock held directly and 3,632 shares held indirectly via an IRA.
• Each FSFG common stock share was converted into 0.85 shares of First Merchants Corporation common stock, with cash provided in lieu of fractional shares.
• Howard also disposed of 7,137 stock options with an exercise price of $26.72 and 960 stock options with an exercise price of $29.00.
• These options were canceled in exchange for cash, calculated as the product of the number of shares exercisable and the excess of the per share cash equivalent consideration ($32.5876) over the exercise price, minus applicable tax withholdings.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, as it confirms the successful completion of a previously announced merger, which can be a strategic positive for the combined entity. The transactions are routine post-merger activities.

Positives

• The filing confirms the completion of the merger with First Merchants Corporation, indicating a successful strategic transaction for First Savings Financial Group.

Negatives

• No specific negatives regarding company performance or outlook are reported in this transaction filing.

Risks

• NA

Future Outlook

NA

Management Comments

• NA

Industry Context

StockSavvy.ai notes that this Form 4 filing reflects the finalization of a merger transaction, a common occurrence in the financial services sector as institutions seek scale and market share. The conversion of shares and cancellation of options are standard procedures in such corporate actions.

Comparison to Industry Standards

• The conversion ratio of 0.85 shares of the acquiring company for each target company share is within typical ranges for bank mergers, which often involve stock-for-stock exchanges.
• The cash equivalent consideration of $32.5876 per share for option cancellation is a standard method to compensate option holders in a merger, aligning with practices seen in similar transactions involving regional banks like those between Old National Bancorp and First Midwest Bancorp, or Huntington Bancshares and TCF Financial Corporation.

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders of First Savings Financial Group, Inc. received shares of First Merchants Corporation common stock (or cash in lieu of fractional shares) as a result of the merger.
• Employees who held stock options, like the reporting person, received cash compensation for their canceled options.

Next Steps

• NA

Key Dates

Keywords

First Savings Financial Group, FSFG, First Merchants Corporation, merger, insider trading, Form 4, beneficial ownership, stock options, executive compensation