First Financial Bancorp Announces Election of Anne Arvia to Board of Directors, with Susan Knust and William Barron Retiring

Rhea-AI Summary

First Financial Bancorp (Nasdaq: FFBC) announced the election of Anne Arvia to its Board of Directors, effective May 28, 2024. Arvia, who has extensive experience in banking and strategic transformation, will replace retiring directors Susan Knust and William Barron. Arvia is currently a principal at Cornerstone Advisors and has held senior roles at The Auto Club Group, USAA Bank, Nationwide Insurance, and ShoreBank. The company credits Knust and Barron for their significant contributions over their long tenures. Chairman Claude Davis and CEO Archie Brown praised Arvia's qualifications and expressed confidence in her ability to contribute valuable insights to the board.

Positive

• Anne Arvia brings extensive experience in banking and strategic transformation to the board.
• Arvia's past roles in senior leadership positions at major financial institutions indicate strong industry knowledge.
• The election of a new director signals proactive governance and potential strategic shifts.
• Retiring directors Susan Knust and William Barron had significant tenures, indicating stability and experienced guidance in the past.

Negative

• Retirement of long-serving directors Susan Knust and William Barron could lead to a loss of institutional knowledge.
• Potential governance risk with the change in board composition.

CINCINNATI, May 28, 2024 /PRNewswire/ -- First Financial Bancorp (Nasdaq: FFBC) announces the election of Anne Arvia as a new director on the First Financial Board of Directors, following a vote during the company's annual meeting of shareholders on Tuesday, May 28, 2024.

"Anne brings extensive banking and strategic transformation experience, and her history of advising C-suite leaders and boards on business operations will be valuable for the bank," said Claude Davis, chairman.

"Anne is an excellent addition to the board, with impressive accomplishments and knowledge from the financial services sector that will add important viewpoints and perspectives as we plan the future for First Financial," said Archie Brown, president and CEO.

Ms. Arvia, 61, is a principal of strategic transformation and program management for Cornerstone Advisors, a Scottsdale, Arizona-based management consulting firm specializing in advising financial institutions. She has held this role since 2023. Ms. Arvia, who lives in Naperville, Illinois, previously worked as executive vice president of The Auto Club Group and CEO and president of The Auto Club Trust, FSB, both of which are AAA companies, in Dearborn, Michigan. Ms. Arvia also held executive leadership roles at USAA Bank in San Antonio, Texas; Nationwide Insurance in Columbus, Ohio; and ShoreBank in Chicago, Illinois. She has been a CPA since 1985 with public accounting experience.

Susan Knust and William Barron previously announced their retirements from the board effective at the conclusion of the annual meeting. Ms. Knust had served on the board of First Financial Bank since 1999, and on the board of First Financial Bancorp since 2005. Mr. Barron served on the First Financial Bancorp board since 2018, and the board of predecessor entities since 1983.

"The board is deeply grateful for the time and expertise provided by Susan and Bill over many years as the bank has grown," Davis said. "First Financial and the communities we serve are better off as a result of their guidance."

About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2024, the Company had $17.6 billion in assets, $11.2 billion in loans, $13.5 billion in deposits and $2.3 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.6 billion in assets under management as of March 31, 2024. The Company operated 130 full service banking centers as of March 31, 2024, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

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SOURCE First Financial Bancorp.

FAQ

Who is the new director elected to First Financial Bancorp's board in May 2024?

Anne Arvia was elected as the new director on May 28, 2024.

What experience does Anne Arvia bring to First Financial Bancorp?

Anne Arvia has extensive experience in banking and strategic transformation and has held senior roles at financial institutions like The Auto Club Group, USAA Bank, Nationwide Insurance, and ShoreBank.

Which directors retired from First Financial Bancorp's board in 2024?

Susan Knust and William Barron retired from the board in 2024.

When did Anne Arvia start her role as a principal at Cornerstone Advisors?

Anne Arvia has been a principal at Cornerstone Advisors since 2023.