Terre Haute, Ind.-based First Financial Corp., the holding
company for First Financial Bank N.A., and Dayton, Tenn-headquartered
SimplyBank executed a definitive agreement where First Financial will acquire
SimplyBank in a $73.4 million transaction. First Financial will pay $718.38 per
share in cash for each outstanding share of SimplyBank’s common stock.
Pending regulatory and stockholder approval, the transaction
is expected to close in the second quarter of 2024. After the acquisition,
SimplyBank will merge into First Financial Bank N.A.
“This acquisition is exciting for our company,” First
Financial President and CEO Norman Lowery said in a release. “SimplyBank
provides us with an opportunity to deepen our commitment to the Tennessee
market while expanding into attractive new MSAs. We look forward to continuing
SimplyBank’s commitment to its customers and the communities it serves.”
SimplyBank has $702 million in assets and operates 13 bank
branches (10 in Tennessee and three in Georgia) and one loan production office.
“We are pleased for our stakeholders but are also delighted
that our customers will continue to enjoy a great relationship with the local
SimplyBank employees, as they continue working with a strong community-focused
financial organization through the SimplyBank branch network,” SimplyBank CEO
John Owen said. “We are excited about the stability and additional growth
opportunities that our agreement with First Financial will provide.”
First Financial has assets of approximately $4.8 billion and
operates 70 banking centers in Illinois, Indiana, Kentucky and Tennessee
through First Financial Bank. If the proposed acquisition closes, First
Financial will have total combined consolidated assets of approximately $5.5
billion.
First Financial was advised by the investment banking firm
of Raymond James & Associates, Inc. and the law firm of Amundsen Davis,
LLC. SimplyBank was advised by the investment banking firm of Piper Sandler
& Co. and the law firm of Frost Brown Todd LLP.