CINCINNATI, April 2, 2018 /PRNewswire/ -- First
Financial Bancorp. (NASDAQ: FFBC) ("First Financial") announced
that it has completed its previously-announced merger with
MainSource Financial Group, Inc. (NASDAQ: MSFG) ("MainSource"). The
newly combined company, operating as First Financial Bancorp. with
its banking subsidiary, First Financial Bank, has a total asset
size of approximately $14
billion.
"We are excited to combine two community-focused financial
institutions who are both significantly involved in the markets
they serve," said Archie M. Brown,
Jr., President and CEO of the newly combined First Financial
Bank. "We look forward to providing our clients with additional
lending capabilities and expanded product offerings while
continuing to deliver a high-quality and personal level of
service."
"We see this merger as a significant milestone in our company's
history that positions us for continued growth and success," said
Claude E. Davis, Executive Chairman
of the newly combined company. "Our commitment to provide value to
our clients, communities and shareholders remains our top priority,
and by joining together, our expanded First Financial team will
continue striving to provide superior service and exceed
expectations for all of our constituents."
While MainSource officially became part of First Financial Bank
on April 1, 2018, the MainSource
banking centers will continue to operate under the name "MainSource
Bank" until conversion of the operating systems, anticipated to
occur in the second quarter of 2018. During the conversion weekend,
slated for May 25-28, 2018,
MainSource banking centers along with the client relationships and
all accounts will convert to First Financial Bank. All MainSource
banking centers will be closed on Saturday
May 26, 2018 for purposes of the transition.
The banking centers will reopen under the First Financial brand
on Tuesday, May 29, 2018 and clients
will have access to a network of approximately 150 banking centers
and over 55,000 ATMs. Prior to the conversion, clients will receive
a welcome guide detailing the transition and the benefits of being
a First Financial client. Associates are prepared to assist
clients, answer their questions and process transactions with
personalized attention as usual.
Pursuant to the terms of the Agreement and Plan of Merger dated
as of July 25, 2017, between First
Financial and MainSource, each share of MainSource common stock has
been converted into the right to receive 1.3875 shares of First
Financial common stock, with cash to be paid in lieu of fractional
shares.
For more information about First Financial Bank, visit
www.bankatfirst.com.
About First Financial
First Financial Bancorp. is a
Cincinnati, Ohio based bank
holding company. As of December 31,
2017, the Company had $8.9
billion in assets, $6.0
billion in loans, $6.9 billion
in deposits and $930.7 million in
shareholders' equity. The Company's subsidiary, First Financial
Bank, founded in 1863, provides banking and financial services
products through its four lines of business: Commercial and Private
Banking, Retail Banking, Investment Commercial Real Estate and
Commercial Finance. These business units provide traditional
banking services to business and retail clients. Commercial and
Private Banking includes First Financial Wealth Management, which
provides wealth planning, portfolio management, trust and estate,
brokerage and retirement plan services and had approximately
$2.7 billion in assets under
management as of December 31, 2017.
The Company's primary operating markets are located in Ohio, Indiana
and Kentucky where it operates 94
banking centers, while the Commercial Finance business lends into
targeted industry verticals on a nationwide basis. Additional
information about the Company, including its products, services and
banking locations is available at www.bankatfirst.com.
Forward-Looking Statements
Certain statements
contained in this release which are not statements of historical
fact constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, certain plans,
expectations, goals, projections and benefits relating to the
business and operations of First Financial, which are subject to
numerous assumptions, risks and uncertainties. Words such as
"believes," "anticipates," "likely," "expected," "estimated,"
"intends" and other similar expressions are intended to identify
forward-looking statements but are not the exclusive means of
identifying such statements. Please refer to First
Financial's Annual Report on Form 10-K for the year ended
December 31, 2017, as well as its
other filings with the SEC, for a more detailed discussion of
risks, uncertainties and factors that could cause actual results to
differ from those discussed in the forward-looking statements.
Forward-looking statements are not historical facts but instead
express only management's beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of the management's control. It is possible that
actual results and outcomes may differ, possibly materially, from
the anticipated results or outcomes indicated in these
forward-looking statements. In addition to factors previously
disclosed in reports filed by First Financial with the SEC,
risks and uncertainties for First Financial include, but are
not limited to: the possibility that any of the anticipated
benefits of the merger with MainSource will not be realized or will
not be realized within the expected time period; the risk that
integration of MainSource's operations with those of First
Financial will be materially delayed or will be more costly or
difficult than expected; the challenges of integrating and
retaining key employees; the effect of the consummation of the
merger on First Financial's customer relationships and
operating results; the possibility that the merger may result in
more expense than anticipated, including as a result of unexpected
factors or events; and general competitive, economic, political and
market conditions and fluctuations. All forward-looking
statements included in this filing are made as of the date hereof
and are based on information available at the time of the
filing. Except as required by law, First Financial does not
assume any obligation to update any forward-looking statement.
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SOURCE First Financial Bancorp.