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First Financial grows in Indiana

Hamilton-based FFB purchases three bank branches from Irwin.

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By Jessica Heffner, Staff Writer Updated 11:03 PM Thursday, July 2, 2009

HAMILTON — First Financial Bancorp has acquired three bank branches from Irwin Financial Corp. in Indiana as well as $200 million in select loans.

The company will acquire branch offices in Carmel, Shelbyville and Greensburg that are part of Irwin’s subsidiary Irwin Union Bank and Trust Co.

Bancorp’s subsidiary, Hamilton-based First Financial Bank, will assume about $143 million in deposits. In addition, the bank will assume about $50 million in select commercial and performing loans. The deal is expected to close late in the third quarter 2009, according to officials.

First Financial didn’t have to pay a premium for the offices, only assuming the Irwin loans and deposits in the deal, said Claude Davis, president and CEO of First Financial.

In a separate transaction, First Financial also assumed about $150 million in performing loans from markets in Avon, Carmel, Columbus, Franklin, Greensburg, Indianapolis and Shelbyville, all in Indiana. That deal closed June 30, officials said.

“The purchase of these three banking centers from Irwin is consistent with our growth plan of expanding our presence in strategic locations in both existing and adjacent markets,” said Claude Davis, president and CEO of First Financial.

The company’s strategic growth plan includes expansion into central and southeastern Indiana. First Financial is already under way with the construction of a new banking center in Columbus, Ind., expected to open later this year. Although Davis said he expects the banking industry to continue to be stressed, First Financial’s strong capital base and balance sheet has allowed it to expand.

First Financial currently operates 29 banking centers in Indiana. Upon closing the proposed Irwin transaction later this quarter and when combined with the May acquisition of 17 centers from Peoples Community Bank, expected to close later this month, First Financial will operate a total of 36 banking centers in 27 communities in Indiana.

With 82 centers currently, Davis said by year’s end the company will operate approximately 100 First Financial Bank locations and ATMs in 63 communities throughout Ohio, Kentucky and Indiana. It is the fourth-largest branch network in Greater Cincinnati.

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First Financial Bancorp, the holding company, is based in Cincinnati. The actual bank, First Financial Bank, is based in Hamilton downtown. Two entities, two separate headquarters, working for the same cause.

Jessica
11:06 AM, 7/2/2009

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I want to know where First is really headquartered. The Journal reports in Hamilton, but every other media source including the Enquirer reports them in Cincinnati/Norwood. Which is it>

PuzzledConsumer
10:03 AM, 7/2/2009

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