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

First Savings Financial Group's EVP and CIO, Lenfield R. Basham, reported the disposition of all his common stock holdings following the merger with First Merchants Corporation.

Summary

• Lenfield R. Basham, EVP and CIO of First Savings Financial Group, Inc. (FSFG), reported the disposition of all his beneficial ownership in FSFG common stock.
• The transaction occurred on February 1, 2026, pursuant to the Agreement and Plan of Merger dated September 24, 2025, between FSFG and First Merchants Corporation.
• A total of 57,068 shares were disposed of: 46,205 directly owned, 7,056 held indirectly via a 401(k), and 3,807 held indirectly via an ESOP.
• Following the transaction, Basham beneficially owns 0 shares of FSFG common stock.
• Each FSFG common stock share was converted into the right to receive 0.85 shares of First Merchants Corporation common stock, with cash paid in lieu of fractional shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it is a routine and expected disclosure related to a previously announced and completed merger, with no new material information regarding the companies' operational or financial performance.

Positives

• The disposition of shares is a standard procedural step following a merger, indicating the successful completion of the transaction for the reporting person.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, suggesting a pre-planned and orderly disposition.

Negatives

• The filing itself does not present any negative aspects, as it is a mandatory disclosure of a completed merger-related transaction.

Risks

• The filing does not explicitly mention any risks; risks associated with the merger would have been disclosed in earlier merger-related filings.

Future Outlook

The filing confirms the completion of the merger between First Savings Financial Group, Inc. and First Merchants Corporation, indicating that First Savings Financial Group, Inc. common stock has been converted into First Merchants Corporation common stock.

Management Comments

• "Pursuant to the Agreement and Plan of Merger, dated as of September 24, 2025, between the Issuer and First Merchants Corporation, each issued and outstanding share of Issuer common stock was converted into the right to receive 0.85 shares of First Merchants Corporation common stock (subject to the payment of cash in lieu of fractional shares)."

Industry Context

StockSavvy.ai notes that this Form 4 filing is a standard post-merger disclosure, reflecting the finalization of the acquisition of First Savings Financial Group by First Merchants Corporation. Such transactions are common in the regional banking sector as institutions seek scale and market consolidation.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure following a merger, consistent with practices across the financial industry for reporting insider transactions.
• The exchange ratio of 0.85 shares of the acquiring company for each target company share is within typical ranges observed in bank mergers, which often involve stock-for-stock considerations.

Stakeholder Impact

• Shareholders of FSFG: Their shares have been converted into First Merchants Corporation common stock, impacting their future investment performance based on First Merchants.
• Employees of FSFG: The merger likely has implications for employment, roles, and compensation, though not detailed in this specific filing.

Next Steps

• The reporting person now holds shares in First Merchants Corporation, and any future transactions would be reported under that issuer.

Key Dates

Keywords

First Savings Financial Group, FSFG, First Merchants Corporation, Merger, Form 4, Insider Trading, Share Disposition, Lenfield R. Basham, EVP, CIO, Rule 10b5-1