Terre Haute-based First Financial Corp. (Nasdaq: THFF) has announced a merger with Hancock Bank & Trust Co., based in Kentucky. First Financial says the deal is valued at more than $31 million.
The companies say upon completion of the acquisition, the combined company will have an expected $5 billion in assets, $2.9 billion in loans and $4.2 billion in deposits. The combined company would have 89 branch offices across Indiana, Illinois, Kentucky and Tennessee.
“We are excited to be joining forces with another bank that has deep roots in its community. Together, our team of bankers will deliver unparalleled service to our customers and communities and continue to make those communities better places to live and work. With this combination, First Financial will extend its reach into western Kentucky,” said First Financial Chief Executive Officer Norman Lowery.
Boards of both companies have unanimously approved the merger agreement and the transaction is expected to be completed in the fourth quarter of this year, subject to approval from Hancock’s shareholders and regulatory approvals.