First Financial (THFF) to acquire CedarStone for $25M cash ($19.12/sh); expands in Nashville

FIRST FINANCIAL CORP /IN/

Aggregate deal value $25.0M; 100% cash consideration; $19.12 per share.
CedarStone has ~$358M assets, 3 TN branches; First Financial $5.7B assets, 79 branches; combined ~$6.1B.
Expected close Q1 2026 subject to regulatory and shareholder approvals.
Transaction metrics: 108% P/TBV, 16.1x P/2025E earnings, ~37% cost saves; TBV dilution ~3.0%, earnback ~2.2 yrs.
Voting agreements with CedarStone directors and officers supporting the deal.

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