First Capital to acquire First Bancorp of Indiana in all-stock merger valued at $33.2 million

FIRST CAPITAL INC

First Bancorp shareholders receive fixed exchange ratio of 0.3075 FCAP shares per FBPI share, based on FCAP's $63.05 20-day VWAP as of Nov. 4, 2026
First Bancorp had $583 million in total assets, $444 million in gross loans, $473 million in deposits and $33 million of equity as of Sept. 30, 2026
First Capital will assume $12.0 million of subordinated notes due 2032 and 2037 plus about $5.0 million of junior subordinated debentures due 2037
Michael H. Head, First Bancorp CEO, will join First Capital's board and serve as Market President of First Harrison Bank at $305,242 annual salary
Deal includes a $1.4 million termination fee for First Bancorp and is expected to close in the first half of 2027 pending regulatory and shareholder approvals

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