Mergers & Acquisitions

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Deal Overview

Buyer:
First Financial Bancorp.
Actual Acquirer:
First Financial Bancorp.
Target:
Highland Federal Savings Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
8/17/1993
Announcement Date:
8/17/1993
Announced Deal Value ($ M):
8.70
Status:
Completed
Completion Date:
2/1/1994
Announced Deal Value Per Share ($ )
49.57

Consideration Breakout
Common Stock ($M) 9.5
Common Stock Issued 198,386

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 155.7 168.1
Price / Tangible Book (%) 155.7 168.1
Price / Earnings (x) 17.5 20.9
Price / Deposits (%) 20.60 21.91
Price / Assets (%) 16.51 17.63
Tangible Book Premium/ Deposits (%) 7.83 9.56
Deal Terms
Description of Consideration

Highland Federal shareholders received 1.048 shares of First Financial common stock.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.048000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes KeyBanc Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Parrish Fryman Marcum
Seller Yes Vorys Sater Seymour and Pease