Academic journal article Federal Reserve Bulletin

First Financial Bancorp Cincinnati, Ohio: First Financial Bank Cincinnati, Ohio

Academic journal article Federal Reserve Bulletin

First Financial Bancorp Cincinnati, Ohio: First Financial Bank Cincinnati, Ohio

Article excerpt

Order Approving the Merger of Bank Holding Companies, the Merger of Banks, and the Establishment of Branches, and Determination on a Financial Holding Company Election FRB Order No. 2018-07 (February 22, 2018)

First Financial Bancorp ("First Financial"), Cincinnati, Ohio, a bank holding company within the meaning of the Bank Holding Company Act of 1956 ("BHC Act"), (1) has requested the Board's approval under section 3 of the BHC Act (2) to merge with MainSource Financial Group, Inc. ("MainSource"), and thereby indirectly acquire MainSource Bank, both of Greensburg, Indiana.

In addition, First Financial's subsidiary state member bank, First Financial Bank, Cincinnati, Ohio, has requested the Board's approval under section 18(c) of the Federal Deposit Insurance Act ("Bank Merger Act") to merge with MainSource Bank, with First Financial Bank as the surviving entity. (3) First Financial Bank also has applied under section 9 of the Federal Reserve Act ("FRA") to establish and operate branches at the main office and branches of MainSource Bank. (4)

In connection with this proposal, First Financial also has filed with the Board an election to become a financial holding company pursuant to sections 4(k) and (l) of the BHC Act and section 225.82 of the Board's Regulation Y. (5)

Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (82 Federal Register 195 (October 11, 2017)). (6) The time for submitting comments has expired, and no comments were received. The Board has considered the proposal in light of the factors set forth in section 3 of the BHC Act, the Bank Merger Act, and the FRA. As required by the Bank Merger Act, a report on the competitive effects of the merger of First Financial Bank and MainSource Bank was requested from the United States Attorney General, and a copy of the request has been provided to the Federal Deposit Insurance Corporation.

First Financial, with consolidated assets of approximately $8.8 billion, is the 149th largest insured depository organization in the United States. First Financial controls approximately $6.7 billion in consolidated deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States. (7) First Financial controls First Financial Bank, which operates in Indiana, Kentucky, and Ohio. First Financial is the 14th largest insured depository organization in Indiana, controlling deposits of approximately $2.8 billion, which represent 2.2 percent of the total deposits of insured depository institutions in that state. First Financial is the 71st largest insured depository organization in Kentucky, controlling deposits of approximately $187.7 million, which represent less than 1 percent of the total deposits of insured depository institutions in that state. (8) First Financial is the 11th largest insured depository organization in Ohio, controlling deposits of approximately $3.6 billion, which represent 1.1 percent of the total deposits of insured depository institutions in that state.

MainSource, with consolidated assets of approximately $4.6 billion, is the 218th largest insured depository organization in the United States. MainSource controls approximately $3.4 billion in consolidated deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States. MainSource controls MainSource Bank, which operates in Illinois, Indiana, Kentucky, and Ohio. MainSource is the 233rd largest insured depository organization in Illinois, controlling deposits of approximately $146.7 million, which represent less than 1 percent of the total deposits of insured depository institutions in that state. MainSource is the 17th largest insured depository organization in Indiana, controlling deposits of approximately $2.3 billion, which represent 1.8 percent of the total deposits of insured depository institutions in that state. …

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