First Financial to Acquire Kentucky Bank
(photo courtesy Southwest Indiana Chamber)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTerre Haute-based First Financial Corp. (Nasdaq: THFF) has announced plans to merge with HopFed Bancorp Inc. (Nasdaq: HFBC) in Kentucky. First Financial says the deal, valued at more than $128 million, is expected to close in the second quarter.
Once the deal is complete, HFBC subsidiary Heritage Bank USA Inc. will merge into First Financial Bank. HFBC operates 18 bank branches and three loan production offices in Kentucky and Tennessee. First Financial says it expects to have total combined consolidated assets of nearly $4 billion upon closing.
"This acquisition is exciting for our company," said Norman Lowery, chief executive officer of First Financial. "Heritage provides us with an opportunity to leverage our capabilities and expand into new markets. We look forward to continuing Heritage’s commitment to its customers and the communities it serves."
John Peck, CEO of HFBC says the agreement provides the bank with stability and growth opportunities.
First Financial did not state whether any jobs would be affected by the acquisition. The deal remains subject to various regulatory approvals, as well as approval from HFBC shareholders and customary closing conditions.