First Financial Corp to acquire SimplyBank for $73.4M cash, expanding into TN and GA markets

FIRST FINANCIAL CORP /IN/

Aggregate value $73.4M; $718.38 per share in cash consideration.
SimplyBank has ~$702M in assets and operates 13 branches across Tennessee and Georgia.
Combined company assets ~$5.5B; transaction expected to close in Q2 2024 subject to regulatory and shareholder approvals.
SimplyBank will merge into First Financial Bank, N.A., a wholly owned subsidiary of First Financial Corp.
Transaction unanimously approved by boards of both companies; Piper Sandler and Raymond James acted as advisors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FIRST FINANCIAL CORP /IN/ entered into Agreement and Plan of Reorganization with SimplyBank, a Tennessee-chartered commercial bank valued at aggregate value of $73.4 million; $718.38 per share in cash; termination fee of $2.9 million (effective 2023-11-13).

Action: entry
Agreement: merger
Counterparty: SimplyBank, a Tennessee-chartered commercial bank
Value: aggregate value of $73.4 million; $718.38 per share in cash; termination fee of $2.9 million
Effective: 2023-11-13

Exact text from the filing

On November 13, 2023, First Financial Corporation, an Indiana corporation ("FFC"), First Financial Bank, National Association, a national banking association and wholly-owned subsidiary of FFC (“First Financial Bank”), and SimplyBank., a Tennessee-chartered commercial bank (“SimplyBank”), entered into an Agreement and Plan of Reorganization (the "Merger Agreement").

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FIRST FINANCIAL CORP /IN/ filing history →

Source: SEC EDGAR

accession 0000714562-23-000042

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