56Chevy
11 years ago
First Financial strikes again, buying Insight Bank for $36M
Dec 20, 2013, 7:00am EST
Insight Bank has agreed to be acquired by First Financial Bancorp, giving the Cincinnati bank its second deal in the Central Ohio market this week.
Worthington-based Insight, with $200 million in assets and one full-service branch, will take on the First Financial Bank banner, joining First Bexley Bank in the fold.
First Financial CEO Claude Davis had said he intended to grow the $6.3 billion-asset bank in Central Ohio and he followed up on that pledge quickly. The cash and stock transaction for Insight Bank is worth $36.6 million. Shareholders of Insight will receive $16.40 in First Financial (NASDAQ: FFBC) common stock and $4.10 in cash, according to terms unanimously approved by both boards.
The deal is subject to regulatory approval and expected to close in the first half of 2014.
Insight, which also has a mortgage origination office in Newark, touts the deal as providing customers a wider array of services including improved mobile banking and wealth-management capabilities. The bank was founded in 2006, around the time First Bexley and several other de novo banks popped up around Central Ohio.
CEO Harvey Glick started Prospect Bancshares Inc. in 2001 and sold it in 2004 for $46.9 million to Sky Financial Group Inc., which was later acquired by Huntington Bancshares Inc. (NASDAQ:HBAN). He took the helm at Insight in 2008.
First Financial will appoint one director from Insight to serve on its board, as well as establish a separate Columbus advisory board consisting of current Insight and First Bexley directors, in order to acclimate the bank to Central Ohio.
Insight has total loans of $165 million, total deposits of $165 million and common shareholdersβ equity of $20.1 million. Its net income for the last 12 months was $1.8 million.
First Financial operates 110 branches throughout western Ohio, Indiana and Kentucky.
http://www.bizjournals.com/columbus/news/2013/12/19/first-financial-strikes-again-buying.html
*aggressive acquisitions for FFBC.
pennypincher44
15 years ago
Do you think Peoples Community Bancorp (PCBI), selling for 1 penny
as of today, and Irwin Financial Corporation (IRWNQ), selling for less than a penny also, would be a great buy??? Let me know, both of these financial institutions were taken over by First Financial Bank. PCBI did not file bankruptcy, but Irwin Financial filed for Chapter 11 Bankruptcy relief last year, but was sold to First Financial Bank before it emerged from bankruptcy in 2009. That means FFBC owns all their shares. At the Nasdaq website First Financial Bank reported revenues over $674 Billion dollars in 2009 on the
link Earnings P/S. Their earnings per share was over $5 dollars per share and dividends of .40 cents per share.
Therefore; I agree with your post, that FFBC, is an excellent choice of stock to buy as long as they keep it up and regulations are kept very strict as to not allow any more naked short-selling in the stock market industry.