Mergers & Acquisitions

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Deal Overview

Buyer:
First Financial Bancorp.
Actual Acquirer:
First Financial Bank, National Association
Target:
Irwin Union B&TC
Seller:
FDIC
Deal Type:
Government Assisted
Type of Govt Assisted Transaction:
Purchase/ Assumption
Agreement Date:
9/18/2009
Announcement Date:
9/18/2009
Date Placed in Conservatorship:
9/18/2009
Estimated Cost to Reg Agency ($ 000)
903,854
Cost to Reg Agency/ Deposits (%)
36.18
Cost to Reg Agency/ Assets (%)
28.31
Assets Sold/ Assets (%)
80.60

Deal Summary
Cincinnati-based First Financial Bancorp. unit Hamilton, Ohio-based First Financial Bank NA has assumed all the deposits and purchased certain assets of Columbus, Ind.-based Irwin Union Bank and Trust Co. and Louisville, Ky.-based Irwin Union Bank FSB. Irwin Union B&T and Irwin Union Bank FSB had total core deposits of approximately $2 billion as of June 30, 2009. The failure of the two institutions brings the nation's total number of failed bank this year to 94.
Deal Terms
Description of Consideration

First Financial Bancorp paid the FDIC a premium of 1.0% to assume all the deposits of Irwin Union Bank and Trust Co. and paid zero percent premium to assume all the deposits of Irwin Union Bank FSB. First Financial Bancorp also purchased certain assets of the failed banks at a certain discount.

Assets Sold in Resolution ($ 000) 2,573,513
Deposits Transferred ($ 000) 2,498,447
Deposits Liquidated ($ 000) 0
Premium Paid ($ 000) 14599.000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Barclays Capital Inc.