MUNCIE, Ind. - First Merchants (NASDAQ:FRME) Corporation (NASDAQ:FRME) has announced the appointment of Jean L. Wojtowicz as Chair of the Board of Directors for both the corporation and First Merchants Bank, effective Tuesday.
Wojtowicz takes over from Charles E. Schalliol, who retires after a 17-year tenure. Wojtowicz, founder and President of Cambridge Capital Management Corporation, has served on First Merchants' board for two decades.
Wojtowicz's new role includes chairing the Compensation and Human Resources Committee and participating in the Audit and Nominating and Governance Committees.
Her extensive leadership and advisory experience are cited as key qualifications for her appointment. First Merchants CEO Mark Hardwick expressed his anticipation of continued collaboration with Wojtowicz, emphasizing her impact on stakeholder lives.
During Schalliol's leadership, First Merchants saw significant growth, expanding from $3 billion to over $18 billion in assets through ten acquisitions. Wojtowicz acknowledged Schalliol's contributions and expressed enthusiasm for building upon this foundation.
In a related move, Michael C. Rechin, former CEO of First Merchants Corporation, has been named Vice Chair of the Board, also effective Tuesday. Rechin's new position is expected to help the company increase its market share, particularly in the Indianapolis area.
First Merchants Corporation, headquartered in Muncie, Indiana, operates under the full-service bank charter of First Merchants Bank and includes First Merchants Private Wealth Advisors. The corporation's common stock is publicly traded on the NASDAQ Global Select Market.
This leadership transition is part of the company's ongoing commitment to its shareholders, clients, and employees, aiming to navigate the evolving financial landscape and promote growth and stability. The information for this article is based on a press release statement from First Merchants Corporation.
InvestingPro Insights
As First Merchants Corporation (NASDAQ:FRME) welcomes Jean L. Wojtowicz as the new Chair of the Board of Directors, investors and stakeholders may find the following insights from InvestingPro valuable for understanding the company's current financial health and future outlook.
InvestingPro data indicates that First Merchants Corporation holds a market capitalization of $2.06 billion and features an attractive P/E ratio of 10.08, reflecting a potentially undervalued stock compared to industry peers. These metrics are particularly relevant as the company seeks to expand its market share and continue its growth trajectory. Moreover, the company's dividend yield stands at a solid 3.84%, which is a testament to its commitment to returning value to shareholders.
Among the InvestingPro Tips, it's noteworthy that First Merchants has a high shareholder yield and has consistently raised its dividend for 36 consecutive years, demonstrating a robust track record of shareholder returns. This is an encouraging sign for investors looking for stable income streams. However, it's important to note that some analysts have revised their earnings expectations downwards for the upcoming period, and the company is grappling with weak gross profit margins. These factors should be considered when evaluating the company's future performance.
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