CINCINNATI and GREENSBURG, Ind., Feb.
22, 2018 /PRNewswire/ -- First Financial Bancorp
(NASDAQ: FFBC) and MainSource Financial Group, Inc. (NASDAQ: MSFG)
today announced the receipt of regulatory approval from the Board
of Governors of the Federal Reserve System to move forward with the
proposed merger of MainSource Financial Group, Inc.
(MainSource) into First Financial Bancorp (First
Financial). The Ohio Division of Financial Institutions
approved the proposed merger in January
2018.
The official closing of the merger transaction is scheduled for
April 1, 2018, when the two banks
will legally become one company. While MainSource will officially
be First Financial Bank at that time, it is business as usual for
associates and clients of each bank until the transition weekend
targeted later in the second quarter, at which time MainSource
Bank's operating systems will convert and its branches will be
branded as First Financial Bank branches.
"We are extremely pleased that the final step of merging our two
banks is now a reality. The integration process is underway and we
are excited to continue the First Financial brand as a combined
financial institution to better serve our clients and communities,"
said Claude E. Davis, President and
Chief Executive Officer of First Financial.
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.
About MainSource
MainSource Financial Group is
listed on the NASDAQ National Market (under the symbol: "MSFG") and
is a community-focused, financial holding company with assets of
approximately $4.6 billion.
MainSource operates 88 full-service offices throughout
Indiana, Illinois, Kentucky
and Ohio through its banking
subsidiary, MainSource Bank, Greensburg, Indiana. For more
information about MainSource Bank, visit
www.mainsourcebank.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
proposed merger (the "Merger") between MainSource Financial Group
("MainSource") and First Financial Bancorp ("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 each of MainSource's and First Financial's
Annual Report on Form 10-K for the year ended December 31, 2016, as well as their 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 MainSource and First Financial
with the SEC, risks and uncertainties for MainSource, First
Financial and the combined company include, but are not limited
to: the possibility that any of the anticipated benefits of
the proposed Merger 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 inability to close the Merger in a timely manner;
diversion of management's attention from ongoing business
operations and opportunities; the failure to satisfy other
conditions to completion of the Merger, including receipt of
required regulatory and other approvals; the failure of the
proposed Merger to close for any other reason; the challenges of
integrating and retaining key employees; the effect of the
announcement of the Merger on MainSource's, First Financial's
or the combined company's respective customer relationships and
operating results; the possibility that the Merger may be more
expensive to complete 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, neither MainSource
nor First Financial assumes any obligation to update any
forward-looking statement.
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SOURCE First Financial Bancorp.