The board of directors for Terre Haute-based First Financial Corp. (Nasdaq: THFF) has approved a merger of two of its subsidiaries. The banking company says the combination of The Morris Plan Co. of Terre Haute and First Financial Bank N.A. will result in increased efficiencies.
The Morris Plan Co. is a state industrial chartered financial institution with one office in Terre Haute. First Financial Bank operates more than 80 branches in Indiana, Illinois, Kentucky and Tennessee, and is touted as the fifth oldest national bank in the country.
First Financial did not provide any additional details on why the merger is happening. Inside INdiana Business has reached out to the company for a statement.
The merger, which still requires regulatory approval, is expected to become effective on December 31.