First Financial Corporation and HopFed Bancorp Announce Completion of Merger Transaction
29 7월 2019 - 10:00PM
First Financial Corporation (NASDAQ: THFF) (“First Financial”)
announced today that it completed its merger with HopFed Bancorp,
Inc. (NASDAQ: HFBC) (“HFBC”) and the merger of First Financial’s
wholly owned subsidiary, First Financial Bank, N.A. (“First
Financial Bank”), with HFBC’s wholly owned subsidiary, Heritage
Bank USA, Inc. (“Heritage Bank”).
Under the terms of the merger agreement, shareholders of HFBC
may elect to receive either (or a combination of) 0.444 shares of
First Financial common stock or $21.00 in cash for each
share of HFBC common stock owned, subject to proration provisions
that provide for a targeted aggregate split of 50% of HFBC shares
being exchanged for First Financial common stock and 50% for cash.
Based upon First Financial’s closing price of $43.43 per share on
July 26, 2019, and assuming that a shareholder received 50% stock
and 50% cash, the shareholder would receive total consideration
with an implied value of approximately $20.14 per share, with an
aggregate transaction value of approximately $133.9 million.
“We are happy we can officially welcome the customers and
associates of Heritage Bank to the First Financial family,” said
Norman L. Lowery, President and CEO of First Financial. “We look
forward to building on the Heritage tradition of excellent products
and services as we combine our institutions into one dynamic
community bank.”
“This partnership between our two great companies represents a
significant milestone for our customers and our valued associates,”
added John Peck, President and CEO of HFBC. “It provides added
strength to our organization and substantial opportunities for
growth.”
As a result of the merger, First Financial Bank now operates 83
banking centers and five loan production offices serving Indiana,
Illinois, Kentucky and
Tennessee.
First Financial was advised by the investment banking firm of
Raymond James & Associates, Inc. and the law firm of
SmithAmundsen LLC. HFBC was advised by the investment banking firm
of Sandler O’Neill + Partners, L.P. and the law firm of Jones
Walker LLP, Washington, D.C. Keefe, Bruyette & Woods, Inc., A
Stifel Company, rendered a fairness opinion to HFBC in connection
with the transaction.
About First Financial Corporation
First Financial is a financial holding company headquartered in
Terre Haute, Indiana. It offers a wide variety of financial
services including commercial, mortgage and consumer lending, lease
financing, trust account services and depositor services through
its subsidiaries, First Financial Bank and The Morris Plan Company
of Terre Haute, Inc. For more information and financial data,
please visit the "Investor Relations" section of First Financial's
website at www.first-online.com.
Forward-Looking Statements
Certain statements contained in this press release, which are
not statements of historical fact, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, certain plans, expectations, goals, projections, and benefits
relating to the business and operations of First Financial, which
are subject to numerous assumptions, risks and uncertainties. Words
such as ‘‘believes,’’ ‘‘anticipates,’’ “may,” “will,” “should,”
“likely,” “expected,” “estimated,” ‘‘intends,’’ “future,” “plan,”
“goal,” “seek,” “project” and other similar expressions may
identify forward-looking statements, but are not the exclusive
means of identifying such statements. Please refer to First
Financial’s Annual Report on Form 10-K for the year ended December
31, 2018, as well as its other filings with the Securities and
Exchange Commission (“SEC”), for a more detailed discussion of
risks, uncertainties, and factors that could cause actual results
to differ from those discussed in the forward-looking
statements.
Forward-looking statements are not historical facts but instead
express only management’s beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of management’s control. It is possible that actual
results and outcomes may differ, possibly materially, from the
anticipated results or outcomes indicated in these forward-looking
statements. In addition to factors previously disclosed in reports
filed by First Financial with the SEC, risks and uncertainties for
First Financial include, but are not limited to: the possibility
that any of the anticipated benefits of the merger with HopFed will
not be realized or will not be realized within the expected time
period; the risk that integration of HFBC’s operations with those
of First Financial will be materially delayed or will be more
costly or difficult than expected; the challenges of integrating
and retaining key employees; the effect of the consummation of the
merger with HopFed on First Financial’s customer relationships,
operating results, and/or market price; the possibility that the
merger with HopFed may result in more expenses than anticipated,
including as a result of unexpected or unknown factors, events, or
liabilities; any litigation that has been or might be filed in
connection with the merger with HopFed; and general competitive,
economic, political and market conditions, and fluctuations. All
forward-looking statements included in this press release are made
as of the date hereof and are based on information available at the
time of the press release. Except as required by law, First
Financial does not assume any obligation to update any
forward-looking statement.
Contact:
First Financial Corporation Norman L. LoweryPresident &
CEO812-238-6427
HopFed Bancorp (NASDAQ:HFBC)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
HopFed Bancorp (NASDAQ:HFBC)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024