First Financial Corporation Announces Merger of Subsidiaries

Rhea-AI Summary

First Financial Corporation (NASDAQ: THFF) announced a merger between its subsidiary, The Morris Plan Company of Terre Haute, and First Financial Bank N.A., effective December 31, 2021, pending regulatory approval. This strategic move is aimed at enhancing operational efficiencies, which are expected to materialize in the first quarter of 2022. First Financial Corporation operates 81 banking centers across four states and aims to further strengthen its market presence and service offerings through this integration.

Positive

• Increased operational efficiencies expected from the merger.
• Expansion of service offerings through integration.

Negative

• Regulatory approval is required before the merger can take effect.

TERRE HAUTE, Ind., Sept. 27, 2021 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ: THFF) today announced that its Board of Directors has approved the merger of subsidiary, The Morris Plan Company of Terre Haute, into subsidiary, First Financial Bank N.A. The merger will be effective on December 31, 2021, subject to regulatory approval. The merger will result in increased efficiencies, which will be recognized beginning in the first quarter of 2022.

About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A. and The Morris Plan Company of Terre Haute, Inc. First Financial Bank N.A. is the fifth oldest national bank in the United States, operating 81 banking centers in Illinois, Indiana, Kentucky and Tennessee. The Morris Plan Company of Terre Haute, Inc. is a state industrial chartered financial institution operating one office in Terre Haute, Indiana. Additional information is available at www.first-online.bank.

Investor Contact:
Rodger A. McHargue
Chief Financial Officer
P: 812-238-6334
E: rmchargue@first-online.com

 

FAQ

What is the purpose of the First Financial Corporation and Morris Plan Company merger?

The merger aims to enhance operational efficiencies and expand service offerings.

When will the merger between First Financial Corporation's subsidiaries take effect?

The merger is set to take effect on December 31, 2021, pending regulatory approval.

What benefits are expected from the merger of THFF subsidiaries?

The merger is expected to result in increased efficiencies starting in the first quarter of 2022.

What companies are involved in the merger announced by First Financial Corporation?

The merger involves The Morris Plan Company of Terre Haute and First Financial Bank N.A.

How many banking centers does First Financial Corporation operate?

First Financial Corporation operates 81 banking centers across Illinois, Indiana, Kentucky, and Tennessee.