First Financial Corp Completes Monterey Bank Asset Acquisition

TL;DR

FFC just bought assets/liabilities from First National Bank of Monterey, closing July 1st.

AI Summary

First Financial Corporation announced the completion of its acquisition of certain assets and assumption of certain liabilities of The First National Bank of Monterey on July 1, 2024. This strategic move is expected to enhance First Financial's market presence and service offerings in the Monterey area.

Why It Matters

This acquisition expands First Financial Corporation's footprint and customer base, potentially leading to increased revenue and market share in the acquired region.

Risk Assessment

Risk Level: low — The filing reports the completion of a routine asset acquisition, which typically carries lower risk than other corporate actions.

Key Players & Entities

• First Financial Corporation (company) — Registrant
• The First National Bank of Monterey (company) — Acquired Entity
• July 1, 2024 (date) — Effective date of acquisition

FAQ

Key Financial Figures

• $0.125 — ch registered Common Stock, par value $0.125 per share THFF The NASDAQ Stock Mar
• $718.38 — was converted into the right to receive $718.38 per share in cash. The aggregate value
• $73.4 million — ue of the transaction was approximately $73.4 million. The foregoing summary of the Merger A

Filing Documents

• thff-20240701x8k.htm (8-K) — 34KB
• 0000714562-24-000037.txt ( ) — 148KB
• thff-20240701.xsd (EX-101.SCH) — 3KB
• thff-20240701_lab.xml (EX-101.LAB) — 15KB
• thff-20240701_pre.xml (EX-101.PRE) — 10KB
• thff-20240701x8k_htm.xml (XML) — 5KB

01. Completion of Acquisition or Disposition of Assets

Item 2.01. Completion of Acquisition or Disposition of Assets. On July 1, 2024, First Financial Corporation, an Indiana corporation ("FFC") and First Financial Bank, National Association, a national banking association and wholly-owned subsidiary of FFC ("First Financial Bank") completed their previously announced acquisition of SimplyBank., a Tennessee-chartered commercial bank ("SimplyBank"), pursuant to the Agreement and Plan of Reorganization by and among FFC, First Financial Bank, SimplyBank, and FFB Interim Bank, National Association, a wholly owned subsidiary of FFC ("Merger Sub") dated as of November 13, 2023 (the "Merger Agreement"). On the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into SimplyBank (the "Interim Merger"), with SimplyBank continuing as the surviving entity. Immediately following the Interim Merger, SimplyBank merged with and into First Financial Bank, with First Financial Bank as the surviving entity (the "Bank Merger"). Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Interim Merger (the "Effective Time"), other than dissenting shares, each share of SimplyBank Common Stock issued and outstanding immediately prior to the Effective Time, was converted into the right to receive $718.38 per share in cash. The aggregate value of the transaction was approximately $73.4 million. The foregoing summary of the Merger Agreement is not complete and is qualified in its entirety by reference to the complete text of the Merger Agreement, which was filed as Exhibit 2.1 to FFC's Current Report on Form 8-K filed on November 13, 2023 and is incorporated by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 2.1* Agreement and Plan of Reorganization by and among First Financial Corporation, First Financial Bank, National Association, SimplyBank., and FFB Interim Bank, National Association (upon its formation), dated as of November 13, 2023 (incorporated by reference to Exhibit 2.1 to FFC's Current Report on Form 8-K filed on November 13, 2023) 104 Cover page interactive data file (embedded with the Inline XBRL document) * Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and similar attachments have been omitted. FFC hereby undertakes to furnish supplemental copies of any omitted schedules or similar attachments upon request by the SEC; provided, however, that FFC may request confidential treatment for any schedules so furnished.

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 July 3, 2024 /s/ Rodger A. McHargue Rodger A. McHargue Secretary/Treasurer and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR