Mergers & Acquisitions

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Deal Overview

Buyer:
First Financial Bancorp.
Actual Acquirer:
First Financial Bank, National Association
Target:
Peoples Community Bank
Seller:
FDIC
Deal Type:
Government Assisted
Type of Govt Assisted Transaction:
Purchase/ Assumption
Agreement Date:
7/31/2009
Announcement Date:
7/31/2009
Date Placed in Conservatorship:
7/31/2009
Estimated Cost to Reg Agency ($ 000)
68,139
Cost to Reg Agency/ Deposits (%)
12.67
Cost to Reg Agency/ Assets (%)
11.47
Assets Sold/ Assets (%)
97.58

Deal Summary
Cincinnati, Ohio-based First Financial Bancorp unit Hamilton, Ohio-based First Financial Bank NA has assumed certain deposits and purchased certain assets of West Chester, Ohio-based Peoples Community Bank. Peoples Community Bank had total core deposits of approximately $468 million as of March 31, 2009. Peoples Community Bank is the 67th FDIC-insured institution to fail in the nation this year.
Deal Terms
Description of Consideration

First Financial Bancorp paid the FDIC a premium of 1.5% to assume certain deposits of Peoples Community Bank. First Financial also purchased certain assets at a discount of $42 million.

Assets Sold in Resolution ($ 000) 579,628
Deposits Transferred ($ 000) 520,779
Deposits Liquidated ($ 000) 17,221
Premium Paid ($ 000) 7810.000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP