First Financial Bank acquires three banking centers from Irwin Union Bank

First Financial Bank, National Association has acquired three banking centers from Irwin Union Bank and Trust Company.

Based in the US, both First Financial Bank and Irwin Union Bank are the providers of banking services.

The three banking centers are located in the Indiana communities of Carmel, Greensburg, and Shelbyville. 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. Total loans of $41.1 million acquired through this transaction were purchased at par.

Announcement (July 1, 2009):

First Financial Bank has entered into a branch purchase agreement to acquire three banking centers from Irwin Union Bank.

The three banking centers include deposits of approximately $143 million and $50 million in select performing commercial and consumer loans.

The transaction is expected to close in the third quarter of 2009.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Completed: 2009-08-31

Deal Participants

Target (Company)   Irwin Union Bank and Trust Company - Three Banking Centers
Acquirer (Company) First Financial Bank, National Association
Vendor (Company)   Irwin Union Bank and Trust Company

Deal Rationale

The acquisition is consistent with First Financial's growth strategy of expanding its presence in strategic locations in both existing and adjacent markets. The acquisition further extends its reach into central and southeastern Indiana, including the Indianapolis metropolitan market.

Related terms: acquisition, bank, banking, consumer, indiana, market, unions