First Financial to Acquire Kentucky Bank

Posted: Updated:
(photo courtesy Southwest Indiana Chamber) (photo courtesy Southwest Indiana Chamber)
TERRE HAUTE -

Terre 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.

  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to IU, Second Largest in School History

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.

    • Who Pays Debts After Death?

      If you have a mortgage on your house, what happens when you die?  What about a car lease or credit card debt?  Are your heirs required to pay off what you owe? What is the financial legacy that you will leave behind?  Your legacy could be the bequest of property or money, but it could also mean inheriting debt. It’s not uncommon for spouses or others to get bombarded with collection calls from creditors asking to pay the bills of a family member who has died.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • Photo courtesy of Cummins

      Cummins Names Kennedy VP of Product Compliance

      Columbus-based Cummins Inc. (NYSE: CMI) has named Melina Kennedy vice president of product compliance and regulatory affairs. In the newly-created role, Kennedy will oversee engine emission certification, product compliance, and regulations related to Cummins products.