Ohio-based First Financial has signed an agreement to acquire Guernsey Bancorp for a cash consideration of $13.5m, to boost its market presence in Columbus, Ohio.

Under the terms of the merger agreement, the acquirer will also transfer a single bank-owned property with a book value of $1m to Guernsey’s sole shareholder.

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Guernsey, through its wholly-owned subsidiary, the Guernsey Bank, serves commercial and consumer clients in the communities of Worthington, Upper Arlington and Westerville within the Columbus, Ohio market.

Guernsey Bank had total assets of $122.9m, total loans of $74.5m and total deposits of $100.5m, as of 31 December 2013.

First Financial president and CEO, Claude Davis, said: "This partnership with Guernsey marks the next significant step in building the First Financial brand within Columbus and Central Ohio and highlights our strong commitment to this dynamic market.

"Its three banking centres in highly attractive locations, together with its strong consumer banking platform, provide a perfect complement to the transactions we announced late in 2013."

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Guernsey president and CEO, Robert Patrella, commented: "Joining First Financial will enable us to better serve our clients with an expanded set of products and capabilities while maintaining a high level of exceptional and personalised service."

Subject to the concerned regulatory approvals and other customary closing conditions, the transaction is likely to conclude during the second half of 2014.

Frost Brown Todd acted as legal counsel to First Financial, while Keefe, Bruyette and Woods served as financial advisor and Patton Boggs served as legal counsel to Guernsey.