updated: 7/9/2012 12:42:33 PM
Clarksville-based First Savings Financial Group Inc. (Nasdaq: FSFG) has completed its acquisition of a Kentucky-based bank's Indiana locations. The deal involves branches in four Indiana communities giving First Savings 14 offices in the state.
July 9, 2012
CLARKSVILLE, Ind. - First Savings Financial Group, Inc. (Nasdaq:FSFG) announced today that its wholly-owned subsidiary, First Savings Bank, F.S.B. ("First Savings"), completed its previously announced acquisition of the Indiana branch offices of Elizabethtown, Kentucky-based First Federal Savings Bank of Elizabethtown, Inc. ("First Federal") effective after the close of on July 6, 2012. The offices are located in Corydon, Elizabeth, Georgetown
and Lanesville, Indiana.
First Savings successfully completed the systems conversion of the acquired branch offices to its data processing systems over this past weekend. In addition, First Savings consolidated the operations of the acquired Corydon office with its existing Corydon office and the operations of the acquired Georgetown office with its existing Georgetown office because of their close proximities.
Larry W. Myers, First Savings' President and Chief Executive Officer, said, "We are very pleased with the positive response that we have received throughout the last few months within the community and from our new and existing clients. We are also very proud of our staff, including the newly added staff as a result of this acquisition, for their diligence and professionalism in making this a very successful initial integration. The addition of these offices to the First Savings network has increased our market share in Harrison County to
approximately 31 percent and substantially enhanced our presence in Floyd County. As we have previously stated, this transaction demonstrates our commitment to serving the southern Indiana market and is inline with our vision to be The Best Bank in Southern Indiana. We anticipate that this transaction will be accretive to earnings in the first year, excluding one-time transaction related expenses, improve efficiencies and enhance near and long-term shareholder value."
First Savings assumed approximately $115.7 million in non-brokered deposits, consisting of approximately 40.3 percent in transaction and savings accounts and the balance consisting of retail time deposits. First Savings also purchased approximately $30.4 million in performing loans, consisting of approximately 82.2 percent in one- to- four family mortgage loans and the balance consisting primarily of consumer, commercial business and commercial real estate loans.
First Savings Bank, F.S.B. has fourteen offices in the Indiana communities of Clarksville, Jeffersonville, Charlestown, Sellersburg, Floyds Knobs, Georgetown, Corydon, Lanesville, Elizabeth, English, Leavenworth, Marengo and Salem. Access to First Savings Bank accounts,
including online banking and electronic bill payments, is available anywhere with Internet access through the Bank's website at www.fsbbank.net.
Source: First Savings Financial Group Inc.