First Financial Closes Deal With Kentucky Bank
TERRE HAUTE - Terre Haute-based First Financial Corp. (Nasdaq: THFF) announced Monday that it has completed its merger with Kentucky-based HopFed Bancorp Inc. (Nasdaq: HFBC) in a deal valued at $134 million. With the purchase, HFBC subsidiary Heritage Bank USA Inc. merges into First Financial Bank. The deal was first announced in January.
“We are happy we can officially welcome the customers and associates of Heritage Bank to the First Financial family,” said Norman Lowery, president and chief executive officer of First Financial.
As a result of the merger, First Financial Bank now operates 83 banking centers and five loan production offices serving Indiana, Illinois, Kentucky and Tennessee. "This partnership between our two great companies represents a significant milestone for our customers and our valued associates,” added John Peck, president and CEO of HFBC.
Under the negotiated terms of the merger, stockholders of HFBC may choose to receive either (or a combination of) 0.444 shares of First Financial common stock or $21.00 in cash for each share of HFBC common stock.