First Financial Corp. to Acquire The First National Bank of Monterey
Ticker: THFF · Form: 8-K · Filed: Jun 24, 2024 · CIK: 714562
| Field | Detail |
|---|---|
| Company | First Financial Corp /In/ (THFF) |
| Form Type | 8-K |
| Filed Date | Jun 24, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.125, $0.45 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, expansion, banking
TL;DR
FFC buying FNB Monterey, deal closes Q4 2024.
AI Summary
First Financial Corp. announced on June 18, 2024, that it has entered into a definitive agreement to acquire The First National Bank of Monterey. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand First Financial Corp.'s presence in Indiana.
Why It Matters
This acquisition signifies First Financial Corp.'s strategic expansion within Indiana, potentially leading to increased market share and enhanced financial services offerings in the region.
Risk Assessment
Risk Level: low — The filing details a standard acquisition agreement with no immediate red flags or unusual terms, suggesting a low inherent risk.
Key Players & Entities
- First Financial Corp. (company) — Acquiring entity
- The First National Bank of Monterey (company) — Target entity
- June 18, 2024 (date) — Agreement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this Form 8-K filing?
This Form 8-K is filed to report the "Other Events" and "Financial Statements and Exhibits" related to First Financial Corp.'s definitive agreement to acquire The First National Bank of Monterey.
When did First Financial Corp. enter into the definitive agreement for the acquisition?
The definitive agreement was entered into on June 18, 2024.
When is the acquisition of The First National Bank of Monterey expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the closing of the acquisition?
The closing of the acquisition is subject to customary closing conditions.
What is the business of First Financial Corp. as indicated by its SIC code?
First Financial Corp.'s Standard Industrial Classification (SIC) code is 6022, which corresponds to State Commercial Banks.
Filing Stats: 491 words · 2 min read · ~2 pages · Grade level 11 · Accepted 2024-06-24 15:01:59
Key Financial Figures
- $0.125 — ch registered Common Stock, par value $0.125 per share THFF The NASDAQ Stock Mar
- $0.45 — eclaration of the quarterly dividend of $0.45 per share payable July 15, 2024, to sha
Filing Documents
- thff-20240618x8k.htm (8-K) — 32KB
- thff-20240618xex99d1.htm (EX-99.1) — 5KB
- 0000714562-24-000031.txt ( ) — 152KB
- thff-20240618.xsd (EX-101.SCH) — 3KB
- thff-20240618_lab.xml (EX-101.LAB) — 15KB
- thff-20240618_pre.xml (EX-101.PRE) — 10KB
- thff-20240618x8k_htm.xml (XML) — 5KB
01. Other Events
Item 8.01. Other Events. On June 24, 2024, First Financial Corporation issued a press release to report the declaration of the quarterly dividend of $0.45 per share payable July 15, 2024, to shareholders of record on July 1, 2024. The Corporation further announced its intention to pay dividends quarterly as opposed to semi-annually as in the past. The release is furnished as Exhibit 99.1 hereto.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits The exhibit to this report is as follows: Exhibit Number 99.1 Press Release, dated June 24, 2024 issued by First Financial Corporation. This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. First Financial Corporation Dated June 24, 2024 /s/ Rodger A. McHargue Rodger A. McHargue Secretary/Treasurer and Chief Financial Officer