First Financial has completed its previously announced acquisition of HopFed Bancorp (HFBC) in a cash and stock transaction valued at $128.3m.

As a result, HFBC’s wholly owned subsidiary Heritage Bank USA merged into First Financial Bank.

In January this year, the two companies signed a definitive agreement to merge their banking operations.

Under the terms of the merger, HFBC shareholders received either (or a combination of) 0.444 shares of First Financial common stock or $21 in cash for each HFBC common stock share.

The closing aggregate transaction value amounts to $133.9m.

First Financial president and CEO Norman Lowery said: “We are happy we can officially welcome the customers and associates of Heritage Bank to the First Financial family.

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“We look forward to building on the Heritage tradition of excellent products and services as we combine our institutions into one dynamic community bank.”

Following the HopFed Bancorp acquisition, First Financial Bank now operates 83 banking centres and five loan production offices in Indiana, Illinois, Kentucky and Tennessee.

It also increases the combined bank’s consolidated assets to nearly $3.9bn.

HFBC president and CEO John Peck said: “This partnership between our two great companies represents a significant milestone for our customers and our valued associates.

“It provides added strength to our organisation and substantial opportunities for growth.”

Headquartered in Terre Haute of Indiana, First Financial has two subsidiaries- First Financial Bank and The Morris Plan Company. Services include consumer, commercial and mortgage lending, lease financing and depositor services among others.