What First Financial Bancorp Announces today about Irwin Union Bank and Trust Company?
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. Sources: http://www.earthtimes.org/articles/sh
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 www.bankatfirst.com/investor. 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 Ban
