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Indiana’s First Financial to buy Illinois bank for $111.3M

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Indiana’s First Financial to buy Illinois bank for $111.3M

Acquiring Hickory Point Bank and Trust will give the Hoosier State lender eight added branches in central Illinois and boost its asset total to $6.9 billion.

The combination will create a bank with roughly $6.9 billion in assets, $5.5 billion in deposits and $4.9 billion in loans. It will also push First Financial’s branch total to 95 and expand its presence in Illinois.

"Hickory Point Bank brings an attractive core deposit franchise and strong balance sheet liquidity that will enhance our funding profile and support continued growth," First Financial CEO Norman Lowery said in a statement Thursday.

Hickory Point counted roughly $717 million in assets, $627 million in deposits and $438 million in loans as of June 30.

“This combination will provide our customers and employees with access to additional resources and capabilities while delivering meaningful value to our stockholders,” Hickory Point CEO Anthony Nestler said in a statement. “We are pleased to be joining an organization that shares Hickory Point Bank’s commitment to relationship-focused community banking.”

The deal’s $111.3 million value is based on First Financial’s $79.07 stock price from Wednesday, for an implied purchase price of $45 per First Illinois share.

Notably, the lender is not the only Midwestern lender named First Financial to be expanding in Illinois. Cincinnati-based First Financial Bancorp announced last month it would buy Finward Bancorp, which counts branches in northwest Indiana and Chicago.



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