US-based regional bank First Financial Bancorp (First Financial) has completed its previously-announced merger with MainSource Financial Group.
The newly merged entity will operate as First Financial. First Financial Bank, with its banking subsidiary, now has a total asset size of nearly $14bn.
The MainSource banking centres will continue to operate under ‘MainSource Bank’ until the conversion of all operating systems is complete.
Though the merger is complete, the banking centers of MainSource will continue to operate under the ‘MainSource Bank’ brand until conversion of all operating systems is complete.
The conversion is scheduled to be carried out between 25-28 May when all MainSource banking centres along with the client relationships and all accounts will be converted to First Financial Bank.
First Financial Bank president and CEO Archie 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.”
After the transition process is completed, the clients will have access to nearly 150 banking centres and more than 55,000 ATMs of the combined company.
First Financial executive chairman Claude 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.”
Under the terms of the merger agreement, each share of MainSource common stock was converted into the right to receive 1.3875 shares of First Financial common stock.