First Financial Bank, Cincinnati, has agreed to acquire Peoples Bank, Munster, in an all-stock transaction valued at approximately $208 million. The move will increase First Financial’s pro forma deposits in the Chicago metropolitan statistical area by 75% to more than $4 billion, and expected to be approximately 5% accretive to First Financial’s earnings per share.
As part of the deal, First Financial has committed to donate $500,000 to its foundation for the benefit of local organizations in Peoples Bank’s footprint.
The combined institution is estimated to have $24.4 billion in assets, $19.3 billion in deposits, $15.2 billion in loans and $5 billion in assets under management. The deal—which was unanimously approved by both institutions’ boards—is expected to close in the fourth quarter.
