Form 4: FSFG EVP Disposes Shares Post-Merger with First Merchants

First Savings Financial Group EVP Kent L. Parisien reported the disposition of all his common stock and stock options following the merger with First Merchants Corporation.

Summary

• Kent L. Parisien, EVP and Area President of First Savings Financial Group, Inc. (FSFG), reported the disposition of all his beneficial ownership in FSFG.
• The transactions occurred on February 1, 2026, pursuant to the Agreement and Plan of Merger dated September 24, 2025, between FSFG and First Merchants Corporation.
• Parisien disposed of 5,022 shares of common stock directly owned and 2,123 shares indirectly owned through a 401(k) plan.
• Each outstanding share of FSFG common stock was converted into the right to receive 0.85 shares of First Merchants Corporation common stock, with cash in lieu of fractional shares.
• Parisien also disposed of 20,250 stock options across three grants with exercise prices of $23.02, $26.72, and $22.49.
• These options were canceled in the merger for a cash amount equal to the product of the number of exercisable shares and the excess of the per share cash equivalent consideration ($32.5876) over the respective exercise price, less tax withholdings.
• Following these transactions, Parisien holds zero beneficial ownership in FSFG.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, as it confirms the successful completion of a merger, which typically provides a clear outcome for shareholders and option holders, albeit marking the end of FSFG as an independent entity.

Positives

• The merger with First Merchants Corporation has been completed, providing liquidity and a defined exit for FSFG shareholders and option holders.
• Option holders received cash consideration for their in-the-money options, based on a per share cash equivalent consideration of $32.5876.

Negatives

• The reporting person, a key executive, no longer holds any beneficial ownership in First Savings Financial Group, Inc., indicating a complete divestment from the acquired entity.

Future Outlook

This filing does not contain any forward-looking statements or guidance, as it reports a completed transaction.

Industry Context

StockSavvy.ai notes that the completion of the merger between First Savings Financial Group, Inc. and First Merchants Corporation reflects ongoing consolidation trends within the regional banking sector. Such mergers are often driven by the pursuit of economies of scale, expanded market reach, and enhanced competitive positioning in a challenging interest rate environment. The disposition of executive shares and options is a standard procedural outcome following the closing of an acquisition.

Comparison to Industry Standards

• The conversion of FSFG common stock into First Merchants Corporation common stock at a fixed ratio of 0.85 shares is a common method for stock-for-stock mergers in the banking industry, similar to the recent merger between Old National Bancorp and First Midwest Bancorp.
• The cash-out of in-the-money stock options at a pre-determined cash equivalent consideration ($32.5876) over the exercise price is a standard practice in M&A transactions to ensure executive incentives are appropriately settled, comparable to how options were handled in the acquisition of Sterling Bancorp by Webster Financial Corporation.

Stakeholder Impact

• Shareholders: FSFG shareholders received shares of First Merchants Corporation common stock (or cash for fractional shares), completing their investment in FSFG.
• Employees: The reporting person, an EVP, has divested all FSFG securities, which is typical for executives of an acquired company, potentially indicating a change in employment status or role within the combined entity.
• Option Holders: FSFG option holders received cash for their in-the-money options, providing a financial benefit from the merger.

Key Dates

Recommendation

This Form 4 filing reports the completion of a merger and the subsequent disposition of securities by an executive. The merger itself would have been announced previously, making this filing a procedural update rather than new price-sensitive information. For investors holding FSFG shares, the transaction has already occurred, converting their holdings into First Merchants Corporation shares. Therefore, the recommendation shifts to 'hold' on the *new* entity's stock, First Merchants Corporation, pending further analysis of its combined performance and strategic outlook. For FSFG specifically, the stock no longer trades, making a 'hold' on the *prior* entity's stock a moot point, but the action is a consequence of the merger.

Keywords

First Savings Financial Group, FSFG, First Merchants Corporation, Merger, Form 4, Insider Trading, Stock Options, Common Stock, Executive Compensation, Kent L. Parisien