/C O R R E C T I O N -- First Financial Bancorp/
2009年7月3日 - 7:32AM
PRニュース・ワイアー (英語)
In the news release, First Financial Bancorp Announces Two
Transactions with Irwin Union Bank and Trust Company, issued July 1
by First Financial Bancorp over PR Newswire, we are advised by the
company that the linked graphics contained incomplete and/or
inaccurate information. The complete, corrected release follows:
CINCINNATI, July 1 /PRNewswire-FirstCall/ -- First Financial
Bancorp (NASDAQ:FFBC) announced today that First Financial Bank,
N.A., its wholly owned subsidiary bank, has entered into branch
purchase and loan purchase agreements with Irwin Union Bank and
Trust Company, the subsidiary bank of Irwin Financial Corporation
(NYSE:IFC), Columbus, Indiana. Summaries of both agreements are
outlined below. Loan Purchase Agreement Summary -- Approximately
$150 million in performing loans, selected from the following
Indiana markets: -- Avon -- Carmel -- Columbus -- Franklin --
Greensburg -- Indianapolis -- Shelbyville -- Closed on June 30,
2009 Branch Purchase Agreement Summary -- Three banking centers --
Includes deposits of approximately $143 million -- Additional $50
million in select performing commercial and consumer loans --
Expected to close late in the third quarter of 2009 (Photo:
http://www.newscom.com/cgi-bin/prnh/20090702/CL41300 ) The proposed
branch purchase transaction has received approval from the board of
directors of each company and is subject to regulatory approval and
other customary closing conditions. First Financial expects the
proposed purchase of the three banking centers to close late in the
third quarter of 2009. The separate loan purchase agreement whereby
First Financial purchased approximately $150 million of performing
commercial business loans closed on June 30, 2009. These loans
provide relationship opportunities with clients with whom recently
hired First Financial loan officers in the company's South Central
Indiana market are already familiar. None of the purchased loans
are residential development, land acquisition or development loans
and none are 30 days or more delinquent, watch list, substandard,
classified, or criticized. With regard to both transactions, the
loans and deposits are being purchased and assumed without premium.
First Financial anticipates the combined transactions to be
accretive to earnings in 2010, the first full year of integration.
"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 chief executive officer of First
Financial Bancorp. These transactions are a continuation of First
Financial's plan to significantly extend its reach into central and
southeastern Indiana where the company already has announced plans
to build a new banking center in Columbus, Indiana, later this
year. Furthermore, these banking centers are a strategic fit with
the company's recently established Indianapolis market. First
Financial currently operates 29 banking centers in Indiana. Upon
closing the proposed Irwin banking center transaction later this
quarter and when combined with the Peoples Community Bank
transaction expected to close later this month, First Financial
will operate a total of 36 banking centers in 27 communities in
Indiana. The Carmel location will become part of First Financial's
growing Indianapolis market. "Carmel is a fast-growing city and an
important part of the Indianapolis community and the metropolitan
market," said Mary Jo Kennelly, Indianapolis market president for
First Financial Bank. "This banking center will allow us to
accelerate our business plan here significantly." First Financial
Bank first entered Indianapolis with the opening of a commercial
lending office last August. Since then, the company has continued
to add staff there and plans to continue to build its existing team
of commercial lending officers in Indianapolis throughout the
remainder of this year. Shelbyville and Greensburg will become part
of First Financial's South Central Indiana market, headed by market
president, Tom Dowd. "Shelbyville is located within close proximity
of the Indianapolis metropolitan market, and with the opening of a
Honda automobile manufacturing plant last year, Greensburg is also
a thriving and fast-growing community," said Dowd. "We look forward
to serving business and consumer clients in both of these markets."
"We are very excited about the expansion opportunities that we
anticipate both the Irwin and the Peoples transactions will bring
to our franchise," Davis said. "We look forward to further growth
opportunities for our company in all the markets we serve. Earlier
this year, we opened a new banking center in the Cincinnati market
and announced plans to build additional banking centers later this
year in St. Marys, Ohio; Columbus, Indiana; and Edgewood, Kentucky.
As of today, we operate 82 banking centers in 9 regional markets
serving 53 communities. By the end of this year, we will operate
approximately 100 First Financial Bank locations and ATMs serving
63 communities." The acquired Irwin banking centers will operate
under the First Financial Bank name immediately after the
transaction closes. First Financial expects to offer positions to
most Irwin associates of the banking centers being acquired.
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.
Factors that could cause actual results to differ from those
discussed in the forward-looking statements include, but are not
limited to, management's ability to effectively execute its
business plan; the risk that the strength of the United States
economy in general and the strength of the local economies in which
First Financial conducts operations continue to deteriorate,
resulting in, among other things, a deterioration in credit quality
or a reduced demand for credit, including the resultant effect on
First Financial's loan portfolio, allowance for loan and lease
losses and overall financial purpose; the ability of financial
institutions to access sources of liquidity at a reasonable cost;
the impact of recent upheaval in the financial markets and the
effectiveness of domestic and international governmental actions
taken in response, such as the U.S. Treasury's TARP and the FDIC's
Temporary Liquidity Guarantee Program, and the effect of such
governmental actions on First Financial, its competitors and
counterparties, financial markets generally and availability of
credit specifically, and the U.S. and international economies,
including potentially higher FDIC premiums arising from
participation in the Temporary Liquidity Guarantee Program or from
increased payments from FDIC insurance funds as a result of
depository institution failures; the effects of and changes in
policies and laws of regulatory agencies, inflation, and interest
rates; technology changes; mergers and acquisitions; including our
ability to successfully integrate the 17 banking centers which are
being acquired from Peoples Community Bank, and the three banking
centers which are being acquired from Irwin; the effect of changes
in accounting policies and practices; adverse changes in the
securities and debt markets; First Financial's success in
recruiting and retaining the necessary personnel to support
business growth and expansion and maintain sufficient expertise to
support increasingly complex products and services; the cost and
effects of litigation and of unexpected or adverse outcomes in such
litigation; uncertainties arising from First Financial's
participation in the TARP, including impacts on employee
recruitment and retention and other business practices, and
uncertainties concerning the potential redemption of the U.S.
Treasury's preferred stock investment under the program, including
the timing of, regulatory approvals for, and conditions placed
upon, any such redemption; and First Financial's success at
managing the risks involved in the foregoing. For further
discussion of certain factors that may cause such forward-looking
statements to differ materially from actual results, refer to the
2008 Form 10-K and other public documents filed with the Securities
and Exchange Commission (SEC), as well as the most recent Form 10-Q
filing for the quarter ended March 31, 2009. These documents are
available at no cost within the investor relations section of First
Financial's website at http://www.bankatfirst.com/investor and on
the SEC's website at http://www.sec.gov/. About First Financial
Bancorp First Financial Bancorp is a Cincinnati, Ohio based bank
holding company with $3.8 billion in assets. Its banking
subsidiary, First Financial Bank, N.A., founded in 1863, provides
retail and commercial banking products and services, and investment
and insurance products through its 82 retail banking locations in
Ohio, Kentucky and Indiana. The bank's wealth management division,
First Financial Wealth Resource Group, provides investment
management, traditional trust, brokerage, private banking, and
insurance services, and has approximately $1.6 billion in assets
under management. Additional information about the company,
including its products, services, and banking locations, is
available at http://www.bankatfirst.com/investor.
http://www.newscom.com/cgi-bin/prnh/20090702/CL41300
http://photoarchive.ap.org/ DATASOURCE: First Financial Bancorp
CONTACT: Investors/Analysts, Patti Forsythe, Vice President,
Investor Relations, +1-513-979-5837, ; or Media, Cheryl Lipp, First
Vice President, Marketing Director, +1-513-979-5797, Web Site:
http://www.bankatfirst.com/
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