First Financial Corp. to Acquire First Federal Bancorp for $120M

TL;DR

FFC buying FFBC for $120M cash, $22/share. Deal closes Q1 2025.

AI Summary

First Financial Corp. announced on October 22, 2024, that it has entered into a definitive agreement to acquire First Federal Bancorp, Inc. The transaction is valued at approximately $120 million, with First Federal Bancorp shareholders expected to receive $22.00 per share in cash. This acquisition is anticipated to close in the first quarter of 2025, subject to customary closing conditions.

Why It Matters

This acquisition will expand First Financial Corp.'s market presence and financial capabilities through the integration of First Federal Bancorp's operations and customer base.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approval and other customary closing conditions, which introduce inherent risks to the completion of the transaction.

Key Numbers

• $120.0M — Acquisition Value (Total cash consideration for First Federal Bancorp, Inc.)
• $22.00 — Per Share Price (Cash amount to be received by First Federal Bancorp shareholders)

Key Players & Entities

• First Financial Corp. (company) — Acquiring company
• First Federal Bancorp, Inc. (company) — Target company
• $120 million (dollar_amount) — Total acquisition value
• $22.00 per share (dollar_amount) — Cash consideration per share
• October 22, 2024 (date) — Announcement date
• first quarter of 2025 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.125 — ch registered Common Stock, par value $0.125 per share THFF The NASDAQ Stock Mar

Filing Documents

• thff-20241022x8k.htm (8-K) — 33KB
• thff-20241022xex99d1.htm (EX-99.1) — 511KB
• 0000714562-24-000058.txt ( ) — 681KB
• thff-20241022.xsd (EX-101.SCH) — 3KB
• thff-20241022_lab.xml (EX-101.LAB) — 15KB
• thff-20241022_pre.xml (EX-101.PRE) — 10KB
• thff-20241022x8k_htm.xml (XML) — 5KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition On October 22, 2024, the Registrant issued a press release reporting its financial results for the three and nine months ended September 30, 2024. A copy of the press release is being furnished as an exhibit to this report and is incorporated herein by reference in its entirety. The foregoing information, including the information contained in the press release, is being furnished pursuant to this Item 2.02 and shall not be deemed to be "filed" for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant's filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

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, October 22, 2024, issued by First Financial Corporation 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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 October 22, 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