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Though Columbus is Ohio's capital and its third-largest metropolitan market, with a population of 1.5 million, it is also its most underbanked.
September 19 -
First Financial Bancorp (FFBC) in Cincinnati posted lower profits in the third quarter on reduced loan and other revenue.
October 24 -
First Financial Bancorp in Cincinnati disclosed that its general counsel has resigned.
October 10 -
Pacific Premier is complementing two liquidity-driven acquisitions with the addition of a restaurant-franchise lending company. Such loans are expected to bring the California company higher-yielding loans. It's another example of banks' strong push for new revenue sources.
November 19
First Financial Bancorp (FFBC) in Cincinnati has agreed buy First Bexley Bank, in a deal that would bring First Financial into the Columbus market.
First Financial agreed to pay about $44.5 million in cash and stock for the $295 million-asset First Bexley, it said Wednesday. The Bexley, Ohio, bank has total shareholders' equity of $22.7 million and tangible book value per common share of $16.45, First Financial said.
The acquisition would add one branch to the $6.3 billion-asset First Financial's network, which consists of 110 locations in Ohio, Indiana and Kentucky.
First Bexley "has been one of the most profitable banks in the state of Ohio, with average quarterly return on assets exceeding 1.35% since 2012," First Financial Chief Executive Claude Davis said in a news release. "Entering the Columbus market has been a strategic priority for us, and First Bexley provides an excellent platform for continued growth."
First Financial estimates that, including an estimated $3.5 million restructuring charge, the deal will dilute its tangible book value per common share by 19 cents, or 1.8%. Excluding the restructuring charge, the acquisition will be accretive to its 2014 earnings per share by 2 to 3 cents, First Financial said.
First Bexley was
