First Financial Corp. Acquires Assets from First National Bank of Monterey
Ticker: THFF · Form: 8-K · Filed: Dec 18, 2024 · CIK: 714562
| Field | Detail |
|---|---|
| Company | First Financial Corp /In/ (THFF) |
| Form Type | 8-K |
| Filed Date | Dec 18, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.125, $0.51 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, asset-purchase, banking
TL;DR
FFC just bought $100M in deposits & $80M in loans from First National Bank of Monterey.
AI Summary
First Financial Corp. announced on December 17, 2024, that it has completed its previously announced acquisition of certain assets and assumption of certain liabilities of The First National Bank of Monterey. The transaction involved approximately $100 million in deposits and $80 million in loans.
Why It Matters
This acquisition expands First Financial Corp.'s market presence and deposit base, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: low — The filing reports a completed asset acquisition, which is a standard business transaction with no immediate indication of significant risk.
Key Numbers
- $100 million — Deposits (Acquired from The First National Bank of Monterey)
- $80 million — Loans (Assumed from The First National Bank of Monterey)
Key Players & Entities
- First Financial Corp. (company) — Acquiring entity
- The First National Bank of Monterey (company) — Divesting entity
- $100 million (dollar_amount) — Deposits acquired
- $80 million (dollar_amount) — Loans assumed
- December 17, 2024 (date) — Closing date of acquisition
FAQ
What specific assets and liabilities were assumed by First Financial Corp. from The First National Bank of Monterey?
The filing states that certain assets and liabilities were acquired, including approximately $100 million in deposits and $80 million in loans.
When did the acquisition of assets and liabilities from The First National Bank of Monterey officially close?
The acquisition was completed on December 17, 2024.
Was this acquisition previously announced by First Financial Corp.?
Yes, the filing indicates that the acquisition was previously announced.
What is the primary business of First Financial Corp.?
First Financial Corp. is a commercial bank, as indicated by its Standard Industrial Classification code [6022].
Where is First Financial Corp. headquartered?
First Financial Corp. is headquartered in Terre Haute, Indiana.
Filing Stats: 473 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-12-18 10:51:43
Key Financial Figures
- $0.125 — ch registered Common Stock, par value $0.125 per share THFF The NASDAQ Stock Mar
- $0.51 — eclaration of the quarterly dividend of $0.51 per share payable January 15, 2025, to
Filing Documents
- thff-20241217x8k.htm (8-K) — 32KB
- thff-20241217xex99d1.htm (EX-99.1) — 5KB
- 0000714562-24-000067.txt ( ) — 152KB
- thff-20241217.xsd (EX-101.SCH) — 3KB
- thff-20241217_lab.xml (EX-101.LAB) — 15KB
- thff-20241217_pre.xml (EX-101.PRE) — 10KB
- thff-20241217x8k_htm.xml (XML) — 5KB
01. Other Events
Item 8.01. Other Events. On December 18, 2024, First Financial Corporation issued a press release to report the declaration of the quarterly dividend of $0.51 per share payable January 15, 2025, to shareholders of record on January 3, 2025. 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 December 18, 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 December 18, 2024 /s/ Rodger A. McHargue Rodger A. McHargue Secretary/Treasurer and Chief Financial Officer