(Source: PRNewswire)
CINCINNATI, Aug. 31 /PRNewswire-FirstCall/ -- First Financial Bancorp (Nasdaq: FFBC) announced today that First Financial Bank, N.A., its wholly-owned subsidiary bank, has completed the purchase of three banking centers from Irwin Union Bank and Trust Company, the subsidiary bank of Irwin Financial Corporation (NYSE: IFC). The banking centers, located in the Indiana communities of Carmel, Greensburg and Shelbyville transitioned to First Financial over the weekend and opened as First Financial Bank banking centers today.
Total deposits of $84.6 million assumed through this transaction include only checking, savings and money market accounts. Certificate of deposit accounts were excluded in order to comply with a request from the seller. Total deposits assumed are approximately $58.7 million less than the previous estimate of $143.3 million due primarily to the exclusion of the certificate of deposit accounts. Deposits were assumed at par. Clients with certificate of deposit accounts will be able to move their accounts to First Financial at maturity.
Total loans of $41.1 million acquired through this transaction were purchased at par and will add to the $145.1 million of loans that were acquired in these markets in a previous loan purchase that was completed on June 30,( )2009. Total loans acquired in these two transactions are $186.2 million and are primarily in the Indiana markets of Carmel, Greensburg, Shelbyville and Columbus.
The purchase of these banking centers is a continuation of First Financial's plan to extend its reach into central and southeastern Indiana. The company now operates 36 banking centers in 27 communities in Indiana. In total, First Financial operates 104 banking centers in 63 communities in Ohio, Kentucky and Indiana.
Forward-Looking Statements
This news release should be read in conjunction with the consolidated financial statements, notes and tables in First Financial Bancorp's most recent Annual Report on Form 10-K for the year ended December 31, 2008. Management's analysis contains forward- looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risk and uncertainties that may cause actual results to differ materially.
