MainSource Bank Announces Merger With First Financial
By Travis Thayer
(Greensburg, Ind.) – Two of Greater Cincinnati’s largest banks are merging.
MainSource Bank announced Tuesday that is will merge with First Financial Bank, and shift its headquarters from Greensburg to Cincinnati, reports The Enquirer.
The billion-dollar deal will make First Financial Cincinnati’s second largest bank behind Fifth Third, and one of the nation’s 100 largest banks.
The deal will give First Financial a stronger presence in Kentucky thanks to recent acquisitions made by MainSource in Louisville. The merger also grows First Financials’ footprint in Indiana.
First Financial CEO Claude Davis and MainSource CEO Archie Brown will serve as executive chairman and chief executive, respectively. First Financial shareholders will own 63 percent of the company, while MainSource shareholders get 1.3875 shares of First Financial for each of their shares.
The deal includes a commitment of 100 jobs and $1 million in community support to Greensburg over the next five years. However, jobs are expected to be reduced in southeastern Indiana – but some of those jobs could be filled at other hubs throughout the state.
Once the deal is complete, the MainSource name will disappear, and the Greensburg headquarters will convert to a hub for First Financial.
The deal is expected to close in early 2018.