First Financial Bancorp has completed the previously announced merger with MainSource Financial Group.
The newly combined company, operating as First Financial Bancorp. with its banking subsidiary, First Financial Bank, has a total asset size of approximately $14bn.
The newly combined First Financial Bank president and CEO Archie M. Brown, Jr. said: "We are excited to combine two community-focused financial institutions who are both significantly involved in the markets they serve.
"We look forward to providing our clients with additional lending capabilities and expanded product offerings while continuing to deliver a high-quality and personal level of service."
First Financial Bank executive chairman Claude E. Davis said: "We see this merger as a significant milestone in our company's history that positions us for continued growth and success.
"Our commitment to provide value to our clients, communities and shareholders remains our top priority, and by joining together, our expanded First Financial team will continue striving to provide superior service and exceed expectations for all of our constituents."
While MainSource officially became part of First Financial Bank on April 1, 2018, the MainSource banking centers will continue to operate under the name ‘MainSource Bank’ until conversion of the operating systems, anticipated to occur in the second quarter of 2018.
During the conversion weekend, slated for May 25-28, 2018, MainSource banking centers along with the client relationships and all accounts will convert to First Financial Bank. All MainSource banking centers will be closed on Saturday May 26, 2018 for purposes of the transition.
The banking centers will reopen under the First Financial brand on Tuesday, May 29, 2018 and clients will have access to a network of approximately 150 banking centers and over 55,000 ATMs. Prior to the conversion, clients will receive a welcome guide detailing the transition and the benefits of being a First Financial client. Associates are prepared to assist clients, answer their questions and process transactions with personalized attention as usual.
Pursuant to the terms of the Agreement and Plan of Merger dated as of July 25, 2017, between First Financial and MainSource, each share of MainSource common stock has been converted into the right to receive 1.3875 shares of First Financial common stock, with cash to be paid in lieu of fractional shares.
Source: Company Press Release